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McClatchy-Tribune  06/19/2014 3:49 AM ET
Sensex erases early gains, falls over 170 points [Mint, New Delhi :: ]

June 19--MUMBAI -- The 30-share BSE Sensex on Thursday erased all its morning gains and was trading over 170 points lower in midday trading session led by weaknesses in oil and gas stocks.

At 12.10pm, the Sensex was trading at 25,073.99, down 0.7% or 172 points lower, while National Stock Exchange's broader barometer 50-share Nifty was trading down 0.7%, or 50.65 points, to 7,507.55 points.

The gainers included Infosys Ltd was up 1.5% to Rs.3,293.55 while Wipro Ltd was up 1.4% to Rs.537.9.

The losers included Oil and Natural Gas Corp. Ltd (ONGC) which was trading down 5.6% to Rs.418.50 and Maruti Suzuki India Ltd, down 2.1% to Rs.2,389.2.

The BSE IT and Teck indices were the top sectoral gainer on BSE, up 1.12% and 1% respectively. The BSE oil and gas index was the top sectoral loser, down 2.7%, followed by BSE metal index which was down 0.8%.

Oil and gas shares were trading lower. Oil India Ltd fell 3.8%, Bharat Petroleum Corp. Ltd slipped 3.5%, Hindustan Petroleum Corp. Ltd down 2.8%, Indian Oil Corp. Ltd fell 1.8%, Reliance Industries Ltd slipped 2.5%, Cairn India Ltd fell 1.4%.

GMR Infrastructure Ltd was trading at Rs.33.8 on BSE, up 3% after it said in a notice to BSE that its concession agreement for Maldives airport was valid and binding and "was not void for any mistake of law or discharged by frustration". It said a tribunal has ordered the Maldives government and Maldives Airport Co. to pay GMR Male International Airport Ltd (GMIAL), a unit of GMR Infrastructure, $4 million by way of costs within 42 days.

Crompton Greaves Ltd was trading at Rs.198.90 on BSE, up 0.4% from previous close after a news report said the company has put up a part of its land parcel at LBS Marg in the eastern suburbs of Mumbai city for sale; the land parcel has a total estimated value of Rs.1,400 crore.

Kotak Mahindra Bank Ltd was down 3.1% to Rs.930.8 after Reserve Bank of India (RBI) said in a statement that further purchases by foreign institutional investors (FIIs) in the company need an RBI nod as foreign holding reached trigger limit.

Ricoh India Ltd shares fell for the third day after the company said that the "delisting offer is deemed to have failed" and the equity shares of the company "will continue to remain listed on the BSE." Ricoh India was trading at Rs.124.45, down 10%.

Since the beginning of this year, the BSE Sensex has gained 19%, while FIIs have bought $9.92 billion from local equity markets.

The US Fed continued to reduce the monthly pace of asset purchases. But the central bank said that economic activity in the US is rebounding and suggested that interest rates in the long run would be lower. The comments helped US markets close higher. S&P 500 gained 0.8%, Dow Jones Industrial Average was up 0.6% and Nasdaq Composite closed up 0.6%.

Asian markets are trading higher with stocks gaining after the US Federal Reserve gave a positive assessment of the US economy. China's Shanghai Composite was down 1.38%, Hong Kong's Hang Seng was up 0.12% while Japan's Nikkei Stock Average up 1.62%.


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