Profit booking subdues equities; rupee, oil prices hurt sentiments

Profit booking subdues equities; rupee, oil prices hurt sentiments

30-share BSE Sensex lost 151.95 points to close on 33,218.81 while the broader 50-share NSE Nifty finished on 10,303.15, down by 47 points.

The S&P BSE Healthcare index which represents a host of big and small pharma companies was up by almost one per cent. Stocks like Indoco Remedies, Morepen Lab, Gufic Bio, Ipca Lab were trading higher between 4 to 2 per cent.

Oil prices climbed 3.5 per cent overnight to quote above Dollars 64 a barrel, the highest since early July 2015, as Saudi Arabia's crown prince cemented his power with an anti-graft crackdown which sparked fears of fresh geopolitical tensions and disruption in crude supplies.

India shares extended losses on Wednesday, a day after the indexes posted their biggest single-day percentage six weeks, dragged lower by Bharti Airtel and Tata Motors.

Brent crude hovering around the $64 a barrel mark is a concern for the country's domestic economy.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Political disturbance in Saudi is triggering high volatility in the crude prices, which is negative for India leading to depreciation in rupee".

Rival Cipla too faced selling pressure and slumped 7.18 per cent.

In the Sensex kitty, major gainers included Axis Bank, Cipla, Sun Pharma, Dr Reddy's, Lupin, Wipro, TCS, Asian Paint, Hindustan Unilever, Bajaj Auto, M&M, Hero MotoCorp, L&T, Maruti Suzuki and Infosys, gaining up to 3.90 per cent. Ashok Leyland reported a gain of 13.5 percent in the net profit at Rs 334.2 crore against Rs 294.4 crore year on year for September quarter.

Globally, other Asian markets led by Japan's Nikkei hit 25-year highs, tracking record closing on the USA bourses amid strong corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.05 per cent having hit its highest since November 2007 on Tuesday.

European markets were also trading in the positive zone. Both the indices slipped nearly half a per cent.

The US Dow Jones Industrial Average ended 0.04 per cent higher yesterday. The Nasdaq Composite slipped 0.27 per cent to 6,767.78.