Sensex Sinks 300 Points, Nifty Trades Below 17,050; Oil Companies Hold Strong Gains

Tata Steel, Wipro, TCS, Tech M, HCL Tech, Dr Reddy's were among the handful of top gainers, up to 2 per cent higher on the BSE platform

In the broader markets, the BSE Midcap and Smallcap indices were mixed with the former down by 0.2 per cent, and the latter in green with equal gains. Image: File photo

New Delhi: The key domestic equity benchmarks, Sensex and Nifty, on Tuesday opened lower amid rising oil prices and weak global sentiments.

The rates of crude oil extended gains, surging over 2 per cent to near $120 a barrel after closing more than 7 per cent higher in the previous session.

At 10am, the 30-share BSE Sensex sank 300 points to 56,992, while the broader NSE Nifty was down 75 points to 17,042.

Among the Sensex-30 shares, Tata Steel, Wipro, TCS, Tech M, HCL Tech, Dr Reddy's were among the handful of top gainers, up to 2 per cent higher.

Oil marketing companies (OMCs) held strong gains as crude oil is hovering around highs of $120 a barrel, while state oil retailers have also hiked petrol and diesel prices, which is supporting the upmove. ONGC, Oil India, Hind Petroleum, BPCL, Indian Oil, Adani Total Gas were up between 1 per cent and 4 per cent.

ONGC, Indian Oil, Hindalco, BPCL, Coal India, JSW Steel were the additional top gainers on the Nifty.

Meanwhile, HUL, Neslte, Ultractech Cement, Asian Paints, Axis Bank, IndusInd Bank, HDFC twins, Britannia, and Grasim were the top laggards on the bourses.

In the broader markets, the BSE Midcap and Smallcap indices were mixed with the former down by 0.2 per cent, while the latter was trading in the green with 0.2 per cent gains.   

Sectorally, Nifty Bank, Auto FMCG, financials, Realty were all in red with losses between 0.5-1 per cent. On the other hand, Oil & Gas, IT and Metal indices were putting up a strong show, trading up to 1.5 per cent.

Out of 15 sector gauges, 11 gauges, compiled by NSE, were trading in the negative zone. Nifty Bank and Nifty FMCG were underperforming the index by dropping about 0.73 per cent and 1.32 per cent, respectively.

The overall market breadth stood weak as 1,112 shares were advancing while 1,578 shares were declining on the BSE.

In the previous session on Monday, Sensex had slipped 571 points to close at 57,292, while Nifty had slumped 169 points to close at 17,118.