Markets close lower dragged by oil & gas stocks; HPCL, BPCL shed 3%, RIL ends in red

Mumbai, Jun 25: Benchmark indices ended at day’s low with Nifty slipped below 10,800 and Sensex fell over 200 points as selling pressure seen in major banking, pharma and metal names.
The market breadth favoured declines with 809 shares have advanced, 1721 shares declined, and 143 shares are unchanged.
The Nifty energy index closed 1.2 percent lower dragged by stocks including Bharat Petroleum Corporation which fell 3.3 percent while Hindustan Petroleum Corporation was down 3.9 percent.
Brent crude oil fell 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production.
Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year.
Brent crude futures were down 78 cents at USD 74.78 a barrel at 0917 GMT, while US light crude was up 25 cents at USD 68.83 a barrel, supported in part by a Canadian supply outage.
Prices initially jumped after an OPEC deal to increase output was announced late last week, as it was not seen boosting supply by as much as some had expected.
OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million bpd to tighten the market and prop up prices.
Among the other losers, Indian Oil Corporation ended lower by 1.5 percent while Oil and Natural Gas Corporation closed 1.82 percent in the red. Heavy weight Reliance Industries, despite trading in the green in the morning closed lower by 0.8 percent this Monday afternoon.
Global research firm Jefferies has maintained an underperform rating on Reliance Industries with a target of Rs 790 per share. It believes that Alok Industries bid is too small to matter with the overall investment thesis too lofty.
Shares of PNB Housing Finance soared 14 percent intraday on reports that HDFC and Kotak Mahindra Bank were eyeing controlling stake in the firm.
The stock touched an intraday high of Rs 1,224.00 and an intraday low of Rs 1,105.40.
According to a report, both the lenders were competing for a controlling stake in PNB Housing Finance in a bid to get better access to mortgage market.
World shares fell on Monday, dented by worries over a worsening trade dispute between the United States and other major economies, while oil prices gave up some of the gains made after major exporters agreed a modest production increase.
S&P500 mini futures fell as much as 0.6 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.95 per cent to 6-1/2-month lows. Japan’s Nikkei lost 0.8 per cent.