03:12
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The market plunged on expiry day, infact extended losses into the seventh consecutive session. The rupee and bond markets too declined, reacting to the spike in brent crude prices.
The Sensex dropped 236.66 points to 27875.17 and the Nifty slipped 58.30 points to 8472.50. About 802 shares have advanced, 1335 shares declined, and 152 shares are unchanged on the BSE.
Citi says Gujarat State Petronet is likely to be the biggest beneficiary. GSPL’s earnings could increase by 28-30 percent against a 7 percent increase for GAIL’s earnings. The brokerage says there is a potential 10-18 mmscmd of additional LNG import. Analysts see the policy move as an incremental positive for lenders to gas based power plants such as IDFC, SBI and IDBI amongst others.
Meanwhile, the Indian rupee dropped 38 paise to 62.70 a dollar. Global markets continued to be in focus on account of the geopolitical tensions emerging in Yemen. Brent crude prices spiked up to USD 58 a barrel.
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Posted in: Indian Market Tips
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