Sensex down 57 points in early trade

Mumbai, Jun 26: The benchmark BSE Sensex fell over 57 points in early trade today on decline in oil and gas stocks after the government postponed revision in natural gas prices by three months amid June expiry in the derivatives segment.

The 30-share barometer, which had lost 55.16 points in yesterday’s trade, fell 57.13 points, or 0.23 per cent, to 25,256.61. Also, the National Stock Exchange index Nifty shed 13.95 points, or 0.18 per cent, to 7,555.30.

Brokers said sentiments dampened after the government yesterday deferred revision in natural gas prices by three months, pending a comprehensive review which triggering selling, particularly in oil and gas stocks.

Besides, offloading of positions by participants on the last session of the June expiry in the derivatives segment, influenced the sentiments, they said.

Shares of RIL fell 2.73 per cent to Rs 1,022.15; ONGC plunged 5.55 per cent to Rs 412.60; Indian Oil declined 2.59 per cent to Rs 333.10; HPCL went down by 3.14 per cent to Rs 403.1 and BPCL dipped 2.50 per cent to Rs 566.35.

Bucking the trend, automobile stocks remained up after the government yesterday extended excise duty concessions by six months. Bajaj Auto, Hero MotoCorp, Tata Motors and Mahindra and Mahindra recorded further gains, helping the BSE cap losses.

Among other Asian markets, Japan’s Nikkei rose 0.35 per cent while Hong Kong’s Hang Seng was also trading 0.35 per cent higher in early trade. The US Dow Jones Industrial Average ended 0.29 per cent up in yesterday’s trade.