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Indian Stocks

India: benchmarks close in the red

India’s stock market turned in negative performance on Wednesday, June 27. Oil refineries led the decline, dragged down by rising oil prices amid supply disruptions in Libya and Canada, as well as US attempts to halt imports from Iran. In addition, trading floors saw low-key activity the day before derivative contracts expire.

Recapping the benchmarks, the Nifty 50 dropped 0.91% to 10,671.40, while the BSE Sensex closed 0.77% lower at 35,217.11.

By 10:25 GMT, the USD/INR pair advanced 0.23% to 68.545, while EUR/INR traded up 0.26% to 79.8445. The 10-year government bond yield widened to 7.865%.

As noted above, oil refineries stood out among the worst performers, with Bharat Petroleum, Hindustan Petroleum and Indian Oil tanking 7.8%, 7.5% and 6.7%, respectively.

State-owned banks underperformed after the central bank's financial stability report showed that the situation in the banking sector remains tense. In the upshot, Syndicate Bank and Oriental Bank of Commerce plunged 6.3% and 2.6%.

On the other side of the spectrum, IT stocks were well bid amid a rising rupee, with Tech Mahindra and Tata Consultancy Services rising 3.8% and 0.3%, respectively.

The daily chart shows that the BSE Sensex has broken out of the lower end of the 35,290-35,816 range. Given that there are no signs of overselling, the benchmark holds downside potential in the short term.


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