Sensex, Nifty Tad Lower In Early Trade; Oil Companies Rally

Indian shares were a tad lower in early trade on Thursday amid weak global cues and on eve of weekly F&O expiry.

The benchmark S&P BSE Sensex was down 183 points, or 0.3 percent, at 57,372 while the broader NSE Nifty was down 70 points, or 0.4 percent, at 16,902.

Metal stocks led losses, with JSW Steel, Tata Steel and Hindalco falling 3-4 percent.

BPCL and HPCL both surged around 4 percent after oil prices slumped nearly 5 percent to their lowest level in more than a year overnight on recession fears.

NMDC declined 2.5 percent after LIC offloaded 2 percent stake in the company.

Future Retail rallied 4.3 percent after executive chairman Kishore Biyani withdrew his resignation from the board of the debt ridden firm.

Shriram Finance added 1.3 percent on reports it is looking to sell 15 percent stake in its housing finance subsidiary Shriram Housing Finance.

Patanjali Foods plunged 4 percent. The stock exchanges have frozen shares of promoter entities for not complying with the minimum public shareholding norm.

SBI rose half a percent after hiking lending rates.

Federal Bank fell about 1 percent on reports it is weighing stake sale of its NBFC arm.

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