NEW DELHI: The BSE Sensex pared early morning gains and turned negative on Tuesday, with ICICI Bank, Infosys and HDFC leading losses. Oil & Natural Gas Corp rallied more than 3 percent after the state-run explorer beat market expecations and posted a
60 percent jump in quarterly profit. ONGC shares were up 1 percent at Rs 280.95 after rising as high as Rs 288.30 in early trade today. At 10:20 a.m., the 30-share BSE index was down 0.1 percent at 17,530.00 points, with 14 of its components declining. The broader 50-share NSE index was down 0.1 percent at 5,275.20 points. The rupee weakened on Tuesday as dollar demand from oil importers weighed and as sentiment was cautious due to renewed concerns over the euro zone crisis.
The partially convertible rupee was at 49.2750/2800 per dollar, compared with Friday's close of 49.10/11. The market was closed on Monday on account of a religious holiday. The euro was at $1.3751, compared with $1.3773 late in New York, while the index of the dollar against six major currencies was at 77.039 points. Oil is India's largest import item and oil refiners are the biggest buyers of dollars in the local market. Indian bond yields inched up as investors were wary to add positions worried over incessant supply of government debt with more cash management bill sale scheduled in the truncated week.
60 percent jump in quarterly profit. ONGC shares were up 1 percent at Rs 280.95 after rising as high as Rs 288.30 in early trade today. At 10:20 a.m., the 30-share BSE index was down 0.1 percent at 17,530.00 points, with 14 of its components declining. The broader 50-share NSE index was down 0.1 percent at 5,275.20 points. The rupee weakened on Tuesday as dollar demand from oil importers weighed and as sentiment was cautious due to renewed concerns over the euro zone crisis.
The partially convertible rupee was at 49.2750/2800 per dollar, compared with Friday's close of 49.10/11. The market was closed on Monday on account of a religious holiday. The euro was at $1.3751, compared with $1.3773 late in New York, while the index of the dollar against six major currencies was at 77.039 points. Oil is India's largest import item and oil refiners are the biggest buyers of dollars in the local market. Indian bond yields inched up as investors were wary to add positions worried over incessant supply of government debt with more cash management bill sale scheduled in the truncated week.
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