BSE Sensex down; oil stocks gain

BSE Sensex down; oil stocks gain

Last Updated: Thu, Jun 21, 2012 08:21 hrs
(Blank Headline Received)

The BSE Sensex fell 0.3 percent, while the broader 50-share Nifty lost 0.3 percent, tracking weaker Asian shares after the Federal Reserve disappointed some investors who had expected more aggressive action and after data showed a continued slowdown in China's factory data.

Reliance Industries fell 3.1 percent, after partner Niko Resources sharply cut the reserves estimate at the KG D6 gas blocks.

Oil shares gained, helping cap further losses in indexes, after global crude prices hit 18-month lows.

Bharat Petroleum Corporation rose 0.9 percent, Hindustan Petroleum Corporation gained 5.3 percent, while Indian Oil Corporation added 4.3 percent.

Explorers ONGC and Oil India gained 1.3 and 1.1 percent respectively. Both refiners and explorers in India tend to track movements in oil prices because the government caps prices of petrol products such as diesel, cooking gas and kerosene. A fall in global crude price will help oil companies as they will be less dependant on government subsidies

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