Mahindra Logistics shares fall 2.1 per cent on market debut


Mumbai: Heavy selling pressure in metals, automobile and banking stocks, coupled with negative global cues and outflow of foreign funds, suppressed the key Indian equity indices Wednesday. This is its weakest closing level since October 31, when it had ended at 33,213.13.

Both market benchmark indices, Sensex and Nifty, closed lower on Thursday again.

Oil prices climbed 3.5 per cent overnight to quote above United States dollars 64 a barrel, the highest since early July 2015, as Saudi Arabia's crown prince cemented his power with an anti-graft crackdown which sparked fears of fresh geopolitical tensions and disruption in crude supplies.

Back home, the BSE healthcare index emerged as the worst performer, losing 3.51 per cent, followed by realty 2.24 per cent, consumer durables 2.03 per cent, PSU 1.92 per cent, power 1.81 per cent, metal 1.64 per cent, oil & gas 1.32 per cent, bankex 1.26 per cent, infrastructure 1.26 per cent and capital goods 1.11 per cent.

"The biggest area of concern right now is crude oil (prices)".

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Among the top Sensex gainers, Asian Paints rose 1.9 percent, ICICI Bank advanced 1.6 percent, Reliance Industries gained 2 percent while NTPC was up 1.4 percent.

India shares edged higher on Thursday after a two-day selloff, tracking gains in other regional markets. "It has the potential to be a headwind for the market if it continues to rise", said Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management. Hong Kong's Hang Seng climbed 0.6 per cent.

Asian shares held near decade peaks following another record breaking day on Wall Street. Japan's Nikkei fell 0.4 per cent, though that followed a jump to its best close since 1992.

Similarly, the NSE Nifty50 dipped by 19.20 points or 0.19 per cent to 10,283.95 points.

Taiwan too fell 0.20 per cent but Shanghai Composite Index inched up 0.06 per cent.