19
Saturday
October 2019
9:08 PM IST
News Headlines
Netherlands'' King Willem-Alexander , Queen Maxima, gets warm welcome in Alappuzha        PM Modi has no understanding of economy: Rahul        INX Media: Chidambaram conspired with son, misused official position, says CBI charge sheet        US dream shattered, 311 Indians land in Delhi after deportation from Mexico        US to host 2020 G7 summit at a Trump golf resort        Trump speaks over phone with Turkey''s Erdogan over cease-fire in Syria        Twin blasts in Afghanistan''s mosque kill 62        China''s Q3 GDP growth slows to 6%, slowest in 27 years        Ranchi Test: India eye clean sweep against Proteas        Pakistan sacks Sarfaraz as captain in Test, T20I formats        Mentally-unstable man jumps inside lion enclosure in Delhi zoo, escapes unhurt        BSF jawan killed, 1 injured in firing by Bangladeshi troops along border in West Bengal        At least 35 people killed in bus accident in western Saudi Arabia        UK, EU hail new Brexit deal, but Parliament sign-off hangs in balance        Nearly 100 people injured in Catalonia unrest on Wednesday: Medics        Indo-Pak bilateral ties subject to approval from PMs of both countries: Ganguly        Aiden Markram ruled out of Ranchi Test with wrist injury        Indian challenge ends at Denmark Open        Aussie cricketer Watson apologies for 'illicit' social media posts        India's performance was no match to atmosphere at Salt Lake: Chhetri        
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Business News
Sensex cracks nearly 300 pts; oil and gas stocks tank
 
Mumbai: Domestic equity benchmark BSE Sensex plunged nearly 300 points in early session on Monday, dragged by oil and gas stocks, stoked by a massive surge in global crude prices.


After touching a low of 37,111.29, the 30-share index was trading 210.02 points, or 0.56 per cent, lower at 37,174.97 at 1000 hours, while the broader Nifty fell 64.15 points, or 0.58 per cent, to 11,011.75.

In the previous session on Friday, the BSE barometer settled 280.71 points higher at 37,384.99, while the broader NSE Nifty ended 93.10 points up at 11,075.90.

According to experts, domestic equities plunged after global oil benchmark Brent crude price skyrocketed as drones attacked two Saudi Arabian plants on Saturday.

The attack by Yemen's Houthi rebels reportedly shut down six per cent of the global oil supply.

After the drone attack on one of the world's biggest oil producers Saudi Aramco, global crude prices surge by almost 12 per cent which is the biggest surge since 1988, said Ashish Nanda EVP and Business Head - PCG, Commodities and Currency Business, Kotak Securities.

"It would certainly impact emerging countries like India in the medium term as uncertainties will keep market sentiment volatile, he added.

The spike in crude oil rates will affect the fiscal position of net energy importers like India, experts said.

Shares of oil and gas companies HPCL, BPCL, IOC, Castrol India and Reliance Industries plunged up to 7 per cent.

A huge depreciation in the rupee against the US dollar too spooked investors here, traders said. The local unit cracked 68 paise to 71.60 against the US currency in early trade.

Top losers in the Sensex pack in early trade on included Asian Paints, RIL, Yes Bank, HDFC, SBI, Tata Motors, Maruti, Tata Steel and Axis Bank, falling up to 2 per cent.

On the other hand, ONGC, TCS, HUL, TechM, PowerGrid, Sun Pahrma, Infosys, ITC, HCL Tech and NTPC rose up to 2.45 per cent.

Meanwhile, Finance Minister Nirmala Sitharaman on Saturday unveiled over Rs 70,000 crore of measures for exporters and the real estate sector, including about Rs 30,000 crore new spending in plans such as setting up of a stressed asset fund, as part of efforts to boost economic growth from a six-year low.

Market participants are also eyeing wholesale price index (WPI) inflation data scheduled to be announced later in the day.

The decision on interest rates and the statement from the US Federal Reserve chief after Federal Open Market Committee's two-day meet (starting on Tuesday) would be most crucial news for global markets, experts said.

Elsewhere in Asia, Shanghai Composite Index and Kospi were trading in the green in their respective late morning sessions, while Hang Seng cracked 1 per cent.

On Friday, foreign portfolio investor sold shares worth a net of Rs 405.45 crore, while domestic institutional investors bought equities worth Rs 209.56 crore, provisional data showed.


China''s Q3 GDP growth slows to 6%, slowest in 27 years
High-level Indian, Bangladeshi delegations to meet next week
Adani Wilmar launches ready-to-cook ''Khichdi''
Sebi levies Rs 30 lakh fine on 4 firms for fraudulent trading
HAL employees' strike continues, unions reject mgmt
Rupee slips 20 paise to 71.22 vs USD in early trade
SBI lowers rates on non-repo-linked loans by 10 bps
Sensex, Nifty cautious in early trade amid weak global cues, fund outflows
New IMF chief says trade tensions could cut global GDP by 700 bln USD
Sitharaman to inaugurate national tax e-assessment centre on Monday
FinMin to kick-start budgetary exercise from Oct 14
Andhra Bank opens SGB scheme 2019-20 Series-V
Migsun Group to invest Rs 900 crore on housing project in Ghaziabad
RBI rate cut to complement government's measures to boost growth: Finmin
RBI's rate cut reflects India's ambition to boost economic growth: Niti
Maruti Suzuki''s NEXA touches one million hearts
Rupee recovers from day''s lows, settles 20 paise higher at 70.87
34 functional teams to smoothen merger of UBI, PNB, OBC
PMC case: ICAI to check role of auditors
RCEP trade ministers to meet in Bangkok on Oct 10-12
KERALA NEWS
Netherlands'' King Willem-Alexander , Queen Maxima, gets warm welcome in Alappuzha
 Alappuzha: Netherlands'' King Willem-Alexander and Queen Maxima, who are on a two-day visit to Keral  
Scribe's death:Kerala IAS officer's suspension extended
Kerala's CPI to discuss Vedas and Marxism in seminar
Kerala Assembly session from Oct 28
INTERNATIONAL NEWS
US to host 2020 G7 summit at a Trump golf resort
 Washington: The G7 Summit in 2020 would be held at President Donald Trump''s golf resort in Florida
Trump speaks over phone with Turkey''s Erdogan over cease-fire in Syria
Twin blasts in Afghanistan''s mosque kill 62
At least 35 people killed in bus accident in western Saudi Arabia
NATIONAL NEWS
PM Modi has no understanding of economy: Rahul
 Mahendragarh: Congress leader Rahul Gandhi on Friday alleged that Prime Minister Narendra Modi has n
US dream shattered, 311 Indians land in Delhi after deportation from Mexico
Mentally-unstable man jumps inside lion enclosure in Delhi zoo, escapes unhurt
Senior Odisha BJP leader Damodar Rout quits party
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