Sensex drops 111 Points, Nifty settled at 15,752

Following the government’s imposition of export taxes on oil goods, Indian equity benchmarks fell for a third straight session on Friday, led by Reliance Industries and other energy stocks, which are index heavyweights.

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Following the government’s imposition of export taxes on oil goods, Indian equity benchmarks fell for a third straight session on Friday, led by Reliance Industries and other energy stocks, which are index heavyweights.

Oil India and ONGC, two state-owned oil companies, had a 14.73 percent decline.

However, as high interest in consumer goods companies offset losses in oil-sensitive sectors, the domestic indices rose from their day’s low.

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The wide NSE Nifty moved 28 points or 0.18 percent lower to conclude at 15,752 today, while the 30-share BSE Sensex dropped 111 points or 0.21 percent lower to close at 52,908 today. The Sensex fluctuated by 959 points in a band throughout today’s session.

Mid- and small-capitalization shares underperformed at the closing bell, with the Nifty Midcap 100 falling 0.51 percent and small-cap falling 0.38 percent.

The National Stock Exchange’s 15 sector indicators, one of which reached a negative closing value. The Nifty Oil & Gas sub-index fell as high as 4.17 percent.

Nifty FMCG, on the other hand, improved by 2.82 percent.

The top Nifty loser in terms of individual stocks was ONGC, whose share price fell 13.30% to 131.40. Other underperformers were Reliance, PowerGrid, Bajaj Auto, and Bharti Airtel.

Nevertheless, the BSE market breadth was favourable overall, with 1,743 shares rising and 1,537 falling.

RIL, PowerGrid, Airtel, NTPC, Maruti, Sun Pharma, Dr. Reddy’s, and ICICI Bank were among the top losses on the 30-share BSE index, with their shares falling as high as 7.14%.

Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 0.47 percent to close at 676.75.

In contrast, Asian Paints, Hindustan Unilever, HDFC, Nestle India, IndusInd Bank, TCS, UltraTech Cement, Wipro, and M&M all achieved positive financial results.