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Market trades lower, OMCs fall on weak BPCL Q2 results

Market trades lower, OMCs fall on weak BPCL Q2 results

Market trades lower, OMCs fall on weak BPCL Q2 results
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By Ajay Vaishnav  Oct 30, 2018 10:05:41 AM IST (Published)

The Indian market started largely lower amid subdued global cues on Tuesday, particularly due to concerns over fresh round of US tariffs on Chinese imports. The Sensex dipped 115 points to trade at 33,952, while the Nifty slipped by 38 points to 10,213.

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Broader markets traded mixed with the Nifty Bank declining by 0.22 percent and the Nifty MidCap trading in the green, up by 0.15 percent.
Nifty PSU Bank was leading among 24 advancing sectors. BSE Realty, Nifty Auto, BSE Consumer Durables and BSE Telecom were other surging sectors.
BSE Energy was the weakest with a 1.33 percent decline. Other weak sectors included Nifty CPSE, BSE Oil & Gas, Nifty IT and Nifty Energy, down by up to 0.87 percent.
Shares of oil marketing companies came under pressure due to poor BPCL results despite a decline in global crude prices. The public sector downstream company posted a 48.3 percent decline in its net profit at Rs 1,218.71 crore for the second quarter ended September 2018. The company had earned a net profit of Rs 2,357.40 crore in the same quarter a year ago.
During the quarter, BPCL revenues from operations rose to Rs 82,884.82 crore as compared to Rs 64,133.01 in the July-September period of 2017.
HPCL, BCPL, IOC were among top index losers falling by up to 2.67 percent. TCS and Tata Steel were other major index losers, dipping by up to a percent.
Gail shares jumped 2.66 percent, after Morgan Stanley replaced Reliance Industries with it in GEM/APxJ focus list. Tata Motors also surged 2.45 percent on reports that China is considering slashing its car purchase tax by 50 percent to boost the country's ailing automotive industry.
Yes Bank, Hindalco and M&M were other major gainers, rising by up to 1.63 percent.
In currency market, the Indian rupee opened weaker at 73.55 against the US dollar on Tuesday. The home currency closed at 73.44 against the greenback on Monday.
Asian markets traded on a mixed note with Japanese stocks trading higher by nearly 1.5 percent, while Hong Kong’s Hang Seng trading flat.
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