Sensex, Nifty end marginally higher as oil prices fall; OMCs, metal stocks lead gains

Meanwhile, shares in other Asian markets were largely flat ahead of an expected US interest rate cut. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.08 percent, while Japan’s Nikkei dipped 0.18 percent and China’s blue-chip share index rose 0.49 percent.

In broader markets, the Nifty Midcap and the Nifty Smallcap indices advanced 0.3 percent each.

Tata Steel, BPCL, Vedanta, GAIL and SBI were the top gainers on the Nifty50, while Britannia, Indiabulls Housing, Coal India, ONGC and Eicher Motors led the losses.

Sectoral indices were mixed for the day. The Nifty Realty index rose the most, up 1.5 percent followed by the Nifty Energy up 1.1 percent. The Nifty Metal and the Nifty PSU Bank indices also rose over 1 percent each, while the Nifty IT added 0.5 percent. Meanwhile, the Nifty Auto, the Nifty Pharma and the Nifty Media indices ended the day in the red.

Oil marketing companies rose as crude extended losses from the previous session. The stocks were further bolstered by news that India was looking to raise oil imports from Russia. HPCL rose 4.3 percent and BPCL gained 3.5 percent. IOC was up 2.2 percent.

Shares of cigarette maker Godfrey Philips surged 5 percent after the government approved banning e-cigarettes. Meanwhile, ITC, where the cigarette division contributes 45.8 percent of its total revenue, also gained 0.7 percent post the announcement.

Hotel stocks also rallied after GST rate fitment committee proposed to cut tax from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above or to hike threshold tariff to Rs 10,000 with 28 percent. Hotel Leelaventure rose 9 percent, Taj GVK Hotels gained 6 percent and Indian Hotels was up 2.5 percent.