Published on June 26, 2014
The benchmark Sensex on Thursday fell about 251 pts, posting its biggest drop in six days, as shares of ONGC and Reliance Industries skidded after a decision to hike natural gas prices was deferred and investors adopted a cautious stance on expiry of monthly derivative contracts.
The BSE Sensex resumed lower at 25,217.69 points and continued to lose momentum to touch an intra-day low of 25,021.23. It settled at 25,062.67, down 251.07 points, or 0.99 per cent. It had lost 55.16 points on Wednesday.
The index’s drop today was its steepest since 274.94-point fall on June18.
Out of the 30-share Sensex, 18 stocks closed with losses led by oil and gas stocks, while 12 others ended higher.
The 50-share NSE index Nifty dipped below the crucial 7,500 mark by losing 76.05 points, or 1 per cent, at 7,493.20 after shuttling between 7,570.20 and 7,481.30 intra-day.
Shares of state-run ONGC plunged by 5.89 per cent and RIL fell 3.70 per cent.
Oil marketing companies BPCL, HPCL and Indian Oil too were under selling pressure.
Expiry of June month series in the equity derivative contracts and fresh selling by foreign funds also affected the market sentiment, dragging down the benchmark indices.