Sensex down 57 points on decline in oil, gas stocks

Mumbai: The benchmark BSE Sensex fell over 57 points in early trade on Thursday on decline in oil and gas stocks after the government postponed revision in natural gas prices by three months amid June expiry in the derivatives segment. The 30-share barometer, which had lost 55.16 points in Wednesday’s trade, fell 57.13 points, or 0.23 percent, to 25,256.61.  Also, the National Stock Exchange index Nifty shed 13.95 points, or 0.18 percent, to 7,555.30. Brokers said sentiments dampened after the government on Wednesday deferred revision in natural gas prices by three months, pending a comprehensive review which triggering selling, particularly in oil and gas stocks. Besides, offloading of positions by participants on the last session of the June expiry in the derivatives segment, influenced the sentiments, they said. Shares of RIL fell 2.73 percent to Rs 1,022.15; ONGC plunged 5.55 percent to Rs 412.60; Indian Oil declined 2.59 percent to Rs 333.10; HPCL went down by 3.14 percent to Rs 403.1 and BPCL dipped 2.50 percent to Rs 566.35. Bucking the trend, automobile stocks remained up after the government on Wednesday extended excise duty concessions by six months. Bajaj Auto, Hero MotoCorp, Tata Motors and Mahindra and Mahindra recorded further gains, helping the BSE cap losses. Among other Asian markets, Japan’s Nikkei rose 0.35 percent while Hong Kong’s Hang Seng was also trading 0.35 percent higher in early trade. The US Dow Jones Industrial Average ended 0.29 percent up in Wednesday’s trade. PTI