AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Follow us

BENGALURU: Indian shares ended nearly 1% lower on Monday after making sizeable gains the previous week, weighed down by losses in bank stocks, while a surge in oil prices stoked inflation fears.

The blue-chip NSE Nifty 50 index closed 0.98% lower at 17,117.60, while the benchmark S&P BSE Sensex lost 0.99% to end at 57,292.49. The market was closed on Friday for a holiday.

Both the indexes added about 4% last week, helped by a pullback in oil prices, further easing of COVID-19 curbs in the country and hopes for progress in Russia-Ukraine peace talks.

However, oil prices on Monday rose above $110 a barrel amid tight supplies and as European Union nations consider joining the United States in a Russian oil embargo.

Indian shares end week 4% higher on financials boost, Fed hike

A jump in oil prices is a setback for India, the world’s third biggest consumer and importer of oil. The government has not hiked domestic prices so far.

Investor sentiment was also soured after global markets slipped as the Russia-Ukraine conflict dragged on with little progress in peace talks.

In Mumbai trading, the Nifty Bank Index fell 1.13% after two consecutive sessions of gains, while the Nifty Auto Index lost 1.21%.

However, Maruti Suzuki rose as much as 3.2%, though it gave up most of the gains. The company’s majority-owner Suzuki Motor unveiled plans to invest $1.37 billion in its India factory to make electric vehicles and batteries.

Japanese Prime Minister Fumio Kishida also announced plans to invest $42 billion in India over five years.

The Nifty Pharma Index gained as much as 1.50% earlier in the day after 19 Indian generic drugmakers, including Sun Pharma and Cipla, received a license to make cheap versions of Pfizer Inc’s highly effective COVID-19 antiviral pill.

Comments

Comments are closed.

Indian shares kick off week with 1% fall as oil prices climb

Fiscal, monetary steps discussed

Dar meets Alvi to blunt IK’s assembly dissolution threat

Elections to take place ahead of Ramazan: Qureshi

Soybean consignments: FTO takes suo motu notice

US warns of Chinese influence in ME

Telenor may consider closing operations

Nepra not happy over ‘tactics’ aimed at blocking CTBCM

Textile value chain: APTMA demands restoration of ‘zero rating’

Business confidence negative: OICCI survey

Housing sector: SHE announces investing $50m in 3 years