On Friday, the Indian market closed lower after the government imposed taxes on exports of petroleum products and windfall gains from refining crude oil.
Sensex fell 111 points at 52,908 and Nifty closed 28 points lower at 15,752 in volatile trade. ITC, Bajaj twins and Asian paints were the top Sensex gainers, rising up to 3.99 per cent. Reliance Industries, PowerGrid, NTPC and Bharti Airtel were the top Sensex losers, falling up to 7.14 per cent.
After the government announced taxes on windfall gains made by crude oil producers, shares of Reliance Industries Ltd fell by over 8 per cent. The government imposed a further cess of Rs 23,250 per barrel on domestic crude production.
RIL stock ended at Rs 2,408 on the BSE, which was 7.14 per cent or Rs 185.
Oil and gas stocks were the top sectoral losers as new taxes weakened sentiments in other stocks. The oil and gas index of the BSE was the top sectoral loser, falling 578 pts to 17,443.
Vinod Nair, head of research at Geojit Financial Services, said that unfavorable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed additional export duty on petrol and diesel. India's factory output growth slowed as high inflation continued to dampen demand, adding to the weakness. The FMCG sector saw a strong buying supported by declining commodity prices on the belief that the prices have peaked out. Market breadth was negative with 1,576 stocks ending higher against 1,654 stocks falling on the BSE. 162 shares were the same.
Oil and gas stocks were the top sectoral losers with the BSE oil and gas index falling 578 pts to 17,443. IT stocks rose by 204 pts with their BSE index rising 204 pts. The midcap and smallcap indexes of the BSE gained 145 points and 21 points. The market cap of BSE-listed firms fell to Rs 243.87 lakh crore.
Foreign institutional investors FIIs were net sellers in the capital market as they sold shares worth Rs 1,138. As per exchange data, there were 05 crore on Thursday.
Markets in Tokyo, Seoul and Shanghai ended up falling elsewhere in Asia. European bourses were trading in the green in mid-session deals. The US markets ended up falling on Thursday.
The international oil benchmark Brent crude jumped 1.90 per cent to $111.1 per barrel.