Money on the markets
A maturing market amid the mayhem
The BSE Oil & Gas Index closed as the top sectoral loser on Wednesday, falling 1.92 percent mainly on losses in Reliance Industries which saw brokerage downgrades.
Shares of Reliance Industries fell 3 percent after brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the firm saying the company would take longer to increase gas production at the KG-D6 block.
Other losers in the index were Reliance Natural, which fell nearly 1 percent, and GAIL which slipped 0.8 percent.
Prominent among those that bucked the downtrend was Aban Offshore, which jumped nearly 9 percent after the company said it had received a major portion of the $235 million insurance claim for its semi-submersible rig.
It was a weak day of trade for energy counters which saw the BSE Oil & Gas Index topping the list of sectoral losers with a 1.7 percent fall.
Weighing on the sectoral index and the Sensex was Reliance Industries which fell 1.8 percent to 1052 rupees.
Essar Oil was the top loser in the index, closing down 4 percent. ONGC too came under pressure and slipped 2.4 percent.
The UPA government’s deferred divestment programme seems to have had a smooth take-off. State utility NHPC’s IPO was subscribed 23.5 times at close.