Free Market Update:Stocks Hit Bear Market Zone

Two Indian benchmarks – Sensex and Nifty – closed lower after selling pressure gripped in heavy weight stocks such as Reliance Industries, Larsen and Toubro, and ICICI Bank. Oil marketing companies shares hit hard on impact of rise in price of crude oil.

The BSE Sensitive index ended 119.51 pts at 36,034.11 with Tata Motors and TCS as major gainers, while the broader Nifty50 slips 37.75 pts at 10,793.65 with Adani Ports and Indiabulls Finance as top gainers.

Other gainers followed on Nifty50 are UPL, Tata Motors and HCL Technologies up by 2.30 percent and 2.21 percent respectively. On the reverse side, major losers included Eicher Motors, and oil trios IOC, HPCL and BPCL on the nifty.

On the sectoral constituents, Nifty PSU Bank fell 2.10 percent, followed by auto which is down 1.21 percent and media index down 1.03 percent. Conversely, the Nifty IT and realty spaces were the sectoral gainers up by 0.65 and 0.38 percent each, respectively.

Shares of oil-marketing companies including Indian Oil Corporation (IOC) down 3.90 percent at Rs129.50 per share, Bharat Petroleum Corporation (BPCL) down 3.09 percent at Rs328.80 per share and Hindustan Petroleum Corporation (HPCL) declined 3.87 at Rs225 apiece, as the crude oil price surged more than 1 percent to nearly USD 63 per barrel in the last session.