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There seems to be no end to selling in Indian Stock market. The Nifty is now below 7400, first time since June 2014. The 50-share index is down 45.50 points or 0.6 percent at 7392.30. The Sensex is down 145.36 points or 0.6 percent at 24309.68.About 199 shares has advanced, 1851 shares declined, and 63 shares are unchanged. Nifty Bank is also below 15000 for first time since 2014.
Nifty Midcap is at 52-week low. Bajaj Auto, Bharti Airtel, Cipla, ONGC and Hindalco are among major laggards. GAIL, Infosys, NTPC, TCS and ITC are gainers in the Sensex. Oil prices hit their lowest since 2003 in early trading, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend.
Indian Oil Corporation’s latest refinery here, the first in over a decade for the nation's largest fuel major, started production of petrol from the Rs 34,555-crore facility. Prime Minister Narendra Modi will dedicate the 15 MMTPA Paradip Refinery, which will primarily be producing BS-IV fuels and serving the eastern and southeastern markets apart from exports, to the nation on February 7.