Share market staggers on this week’s second day; rupee dips further
Indian share market started low due to the sharp surge in global crude oil prices and the rupee tumbling by 68 paise to 71.60 against the US dollar and striking hard the investor sentiment. On Monday, the oil prices surged nearly 20 per cent in intraday trading in response to the attacks, the biggest jump in almost 30 years. The index settled 72 points, or 0.65% down at 11,003.50, with 14 stocks in the green and 36 in the red.
While the BSE Sensex tumbled 642 points (1.73 per cent lower) to 36, 481.09, NSE Nifty culminated at 10,817.60 (dipping 1.69 per cent).
Tata Steel, Tata Motors, Axis Bank, Maruti Suzuki and Hero MotoCorp were the biggest losers, slipping up to 7 per cent. The BSE Midcap index declined 1.77 per cent and the BSE Smallcap index slipped 1.84 per cent, underperforming benchmark Sensex.
Similarly, oil prices remained at nearly a four-month high with the threat of a military response to the Saudi Arabian crude oil facilities that reduced the output to half. Oil marketers Bharat Petroleum Corporation Limited (BPCL), Indian Oil and Hindustan Petroleum Corporation Limited (HPCL) extended losses to a second day, shedding 2.5 per cent to 4 per cent.
After Trade Minister Piyush Goyal today announced shutting down of state-owned trading companies such as State Trading Corporation (STC), Project and Equipment Corporation (PEC) and Metals and Minerals Trading Corporation of India (MMTC) the stocks of MMTC Ltd plunged 17 per cent and State Trading Corporation of India Ltd tanked 20 per cent on Tuesday.