Friday, 4 January 2013

BSE Sensex falls on weak Asian markets; oil stocks up

BSE Sensex falls on weak Asian markets; oil stocks up
Clean Media Correspondent

Mumbai, Jan 04 (CMC) The BSE Sensex falls 0.29 percent, while the Nifty is down 0.34 percent. Asian shares fell on Friday, tracking overnight weakness in global equities after senior Federal Reserve officials expressed concerns about continuing to expand stimulative bond buying, but the dollar extended gains as U.S. debt yields rose.

Stocks also fall on profit-taking ahead of the weekend, with Housing Development Finance Corp (HDFC.NS) down 1.3 percent while Tata Motors(TAMO.NS) is down 1.1 percent.

However, state-owned oil companies gain on expectations the government could soon raise diesel prices, dealers say.

A government official last month was quoted in local media reports as saying the petroleum ministry has proposed a gradual rise in diesel prices, by 1 rupee a litre every month over a 10-month period.

Indian Oil Corp (IOC.NS) is up 5.9 percent, Hindustan Petroleum Corp (HPCL.NS) gains 4 percent, while Bharat Petroleum Corp (BPCL.NS) is up 3.2 percent.

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