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Reliance Industries share slips 2%; energy shares in red

On a similar note, Nifty Energy sector fell the most on NSE today, declining 2.09% to 312.05 on NSE. As lower crude prices erode earnings, BPCL was trading 2.92% lower, followed by a 2.5% fall in PowerGrid and 1.8% decline in IOC and ONGC shares

Rupa Burman Roy | July 7, 2020 | Updated 17:02 IST
Reliance Industries share slips 2%; energy shares in red
Besides RIL, Power Grid, ONGC, BPCL were among the top losers on NSE, falling around 2-3% each, tracking the decline in oil prices overseas

Share price of Reliance Industries hit a speed bump following the recent rally and declined over 2%, following a drag in Nifty Energy stocks.

Over concerns of lower oil prices, RIL shares touched an intraday low of Rs 1,806.4, falling 2.43% against the earlier close of Rs 1,851 on BSE today.

Reliance Industries share price stands higher than 5, 20, 50, 100 and 200-day moving averages. Total market capitalisation of the firm stood at Rs 11,50,221.55 crore as of today's session.

Besides RIL, Power Grid, ONGC, BPCL were among the top losers on NSE, falling around 2-3% each, tracking the decline in oil prices overseas.

Energy firms in Europe and Asia pulled markets lower today as oil prices slid on concerns over a recovery in fuel demand

Oil prices remained negative on Tuesday's trade as rising coronavirus cases across the world cast shadow on potential fuel demand from the largest oil consumer. The international oil benchmark Brent crude futures fell 0.37 per cent to $42.94 per barrel.

On a similar note, Nifty Energy sector fell the most on NSE today, declining 2.09% to 312.05 on NSE. As lower crude prices erode earnings, BPCL fell 2.92% lower, followed by a 2.5% fall in PowerGrid and 1.8% decline in IOC and ONGC shares.

BSE Oil and Gas was traded 2.42% or 318 points lower at 12,849.77 today, with ONGC, BPCL, GAIL and RIL trading as its top losers, declining in the range of 1-3%.

Share Market Highlights: Sensex ends 187 points higher, Nifty at 10,799; Bajaj Twins, ICICI Bank top gainers

Stocks in news: Suzlon, Bandhan Bank, HUL, Godrej Consumer, PVR, Bajaj Finance

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