IndiaIndian shares end lower as private sector lenders drag
Reuters
2 minute read
Indian shares closed lower on Wednesday after two days of sharp gains as private sector banks ceded ground, while Asian peers retreated over concerns of an uptick in U.S. inflation.
The blue-chip NSE Nifty 50 index (.NSEI) closed down 0.52% at 15,030.15, while the benchmark S&P BSE Sensex (.BSESN) settled 0.58% lower at 49,902.64.
Both indexes had gained about 3% each in the first two days of the week, boosted by meaty gains in financial stocks.
ICICI Bank (ICBK.NS) and HDFC Bank (HDBK.NS) closed 1.22% and 1.25% lower, respectively. Both stocks were top boosts to the Nifty on Monday and Tuesday, and are still up about 5% for the week.
Sensex down nearly 300 points as private sector lenders drag
Sensex down nearly 300 points as private sector lenders drag
Benchmark indices Sensex and Nifty ended lower on Wednesday as shares of private banks fell.
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UPDATED: May 19, 2021 16:49 IST
Both Sensex and Nifty had gained about 3% each in the first two days of the week, boosted by meaty gains in financial stocks. (Photo: Reuters)
Indian shares closed lower on Wednesday after two days of sharp gains as private sector banks ceded ground, while Asian peers retreated over concerns of an uptick in U.S. inflation.
The blue-chip NSE Nifty 50 index closed down 0.52% at 15,030.15, while the benchmark S&P BSE Sensex settled 0.58% lower at 49,902.64.
Oil Refiners Set To Curb Spot Buying To Make Room For Iranian Oil Oil Refiners Set To Curb Spot Buying To Make Room For Iranian Oil State-run Bharat Petroleum Corp, which plans to tap the spot market for 45 per cent of its overall imports, will buy Iranian oil if sanctions are lifted.
India used to be Iran s second-biggest oil client after China
Oil refiners, anticipating a lifting of U.S. sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters. The world s third-largest oil consumer and importer halted imports from Tehran in 2019 after former U.S. President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme. U.S. President Joe Biden s administration and Iran have been involved in indirect talks to revive the pact for Tehran to curb its nuclear activities in exchange for a lifting of sanctions.
Oil sinks to lowest three weeks amid broader market meltdown
Andres Guerra Luz, Bloomberg News Oil , Bloomberg News
Oil plunged to the lowest in three weeks alongside a broader market decline with traders also concerned about growing supply from the U.S. and Iran.
Futures in New York tumbled 3.3 per cent on Wednesday as increasing inflation fears rattled broader markets. Equities declined and the dollar strengthened, making raw materials priced in the currency less attractive.
Meanwhile, in the oil market, a U.S. government report showed domestic crude stockpiles surged by the most since mid-March last week. Traders are also following talks between world powers in Vienna around reviving an agreement that would remove U.S. sanctions on Iranâs crude exports. A top European Union official said the U.S. and Iran are close to a deal.