Sensex down 131 points in morning trade

Mumbai, Jun 26: Sharp fall in stocks of Reliance Industries and ONGC pulled down the benchmark BSE Sensex further by 131 points in morning trade today. The market will remain volatile today in view of the last day of futures & options (F&O) segment for June contract.

Reliance Industries (RIL) and ONGC stocks declined as the Cabinet Committee on Economic Affairs (CCEA) yesterday deferred revision in natural gas prices by three months, pending a comprehensive review.

The Sensex resumed lower at 25,217.69 and hovered in a range of 25,309.33 and 25,133.11 before quoting at 25,182.53 at 1000 hours, showing a loss of 131.21 points, or 0.52 per cent, from its last close.

The CNX Nifty also declined by 45 points, or 0.59 per cent, to 7,524.25 at 1000 hours. Major losers were ONGC (5.01 per cent), Reliance Ind (2.89 per cent), Gail India (1.56 per cent), HUL (1.11 per cent) and Maruti Suzuki (1.04 per cent).

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 694.63 crore yesterday, as per provisional data from the stock exchanges.

Other Asian stocks rose in early trade amid optimism that the US economy is emerging from a worse-than-estimated contraction last quarter. Key benchmark indices in Japan, China, Singapore, Hong Kong, South Korea and Taiwan rose by 0.3-0.78 per cent.