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Stock market update: Oil & gas top sectoral loser on BSE; BPCL, HPCL sink up to 8%

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NEW DELHI: The oil & gas index settled as the top loser among the sectoral indices on BSE on Wednesday.

The BSE Oil & Gas index finished Wednesday's session 3.81 per cent down at 13,633 with all components down.

BPCL (down 8.04 per cent), HPCL (down 7.45 per cent), Indian Oil Corporation (down 6.18 per cent), GAIL (India) (down 4.20 per cent) and Indraprastha Gas (down 3.45 per cent) suffered strong losses.

Petronet LNG (down 2.63 per cent), Oil India (down 1.70 per cent), Reliance Industries (down 1.37 per cent), ONGC (down 1.20 per cent) and Castrol India (down 0.56 per cent) also suffered losses.

Meanwhile, global oil prices rose sharply on disruptions in Libya and Canada after US officials said all countries should stop Iranian crude imports from November.

Indian equities markets lurched lower on Wednesday owing to across the board selling, led by oil & gas, metal, capital goods, bank, power and utility stocks.

Factors, including falling rupee, surging oil prices and weak global cues thwarted market sentiment. Moreover, investors restricted their bets ahead of the expiry of June series of future and option contracts tomorrow.

The Sensex plunged by 273 points, or 0.77 per cent, settling at 35,217, with just four stocks in the green.

The 50-share index Nifty closed the day 98 points, or 0.91 per cent, down at 10,671. Only eight stocks could manage to close in the green in the index.

ICICI Bank, Larsen & Toubro, Tata Motors and State Bank of India featured as the top losers in the Sensex index.

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