Stock market midday report: Sensex down 478 points, Nifty around 16,960

On the basis of continuous selling by market investors despite weakness across Asian rivals, Indian stock benchmarks continued to trade weakly in the mid-day session.

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In the fiscal year that ended on March 31, India’s crude oil import bill then doubled to $119 billion, as global energy prices skyrocketed after the return of demand and the crisis in Ukraine.

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All Asian markets were trading lower with Nikkei 225 slipping 514.48 points or 1.9% to 26,590.78, KOSPI fell 45.29 points or 1.67% to 2,659.42, Jakarta Composite lost 10.14 points or 0.14% to 7,215.47, Taiwan Weighted dropped 404.19 points or 2.37% to 16,620.90, Hang Seng decreased 732.49 points or 3.55% to 19,906.03, Straits Times trembled 15.57 points or 0.46% to 3,345.54 and Shanghai Composite was down by 136.33 points or 4.42% to 2,950.59.

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The Sensex is presently trading at 56,719.10, down 478.05 points or 0.84% from its low of 56,412.14 and high of 56,875.65. On the index, there were four equities that rose against 26 that fell.

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The broader indices were trading in red; the BSE Midcap index lost 1.65%, while the Small cap index was down by 1.35%. The only gaining sectoral indices on the BSE were Bankex was up by 0.27%, Realty down by 3.39%, Metal down by 3.25%, Telecom down by 2.51%, PSU down by 2.11% and Basic Materials was down by 1.95% were the top losing indices on BSE.

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The top gainers on the Sensex were ICICI Bank up by 1.76%, Axis Bank up by 0.80%, Maruti Suzuki up by 0.79% and Mahindra & Mahindra was up by 0.42%. On the flip side, Tata Steel down by 3.38%, Tech Mahindra was down by 2.95%, Dr Reddy’s Lab down by 2.60%, ITC down by 2.49% and NTPC was down by 2.34% were the top losers.

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The Nifty is presently trading at 16,966.90, down 205.05 points or 1.19% after trading in a range of 16,928.60 and 17,054.30. On the index, there were 5 equities that rose against 45 that fell.

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The top gainers on the Nifty were ICICI Bank up by 1.34%, Bajaj Auto up by 0.72%, Maruti Suzuki up by 0.67%, Axis Bank up by 0.48% and Mahindra & Mahindra was up by 0.14%. On the flip side, BPCL was down by 5.69%, Coal India down by 4.58%, SBI Life Insurance down by 3.94%, Tata Steel down by 3.40% and Hindalco down was by 3.31% were the top losers.