Oil and Natural Gas
Oil and Natural GasReuters

The BSE index fell by 0.23 percent, while NSE index too declined 0.19 percent lower during early trade on Thursday. Sensex opened flat at 25,217.69 points with a drop of 96.05 points and Nifty opened at 7554.10 points decreasing by 15.15 points.

On Wednesday BSE index closed at 25,313.74 points while NSE index recorded 7539.25 points.

However, from 9:15 am to 9:39 am, both Indian Stock indices recorded higher figures with slight changes, but later decreased to 25167.56 points and 7526.05 points respectively.

Top gainers from BSE as of June 26, Thursday at 10.49 am:

Name Symbol Last in Change in Change %
Steel Strips Wheels Ltd STWH 208.35 +24.10 +13.08
Yantra Natural Resources Ltd YANT 0.11 +0.01 +10
Le Waterina Resorts and Hotels LEWA 1.30 +0.11 +9.24
Gokak Textiles Ltd GOKA 72 +5.65 +8.52
Banas Finance Limited BANA 37.50 +2.85 +8.23

Top losers from BSE as on June 26, Thursday at 10.49 am:

Name Symbol Last in Change in Change %
Gulf Oil Corporation GFCL 147 -181.80 -55.29
Meuse Kara & Sungrace Mafatlal MEUS 8.06 -0.67 -7.76
ACIL Cotton Industries ACIL 0.14 -0.01 -6.67
Hipolin Ltd HIPO 34.70 -2.30 -6.22
Akar Tools Ltd AKAT 23.55 -1.50 -5.99

While top gainers from NSE were Visesh Infotecnics, Steel Strips Wheels, NRB Bearings, VKS Projects and ATN International, top losers were Gulf Oil Corporation, Paras Petrofils, Savera Industries, REI Six Ten Retail Ltd and Mahindra Ugine Steel company. However, the position of the companies changed frequently during trading hours.

NSE index futures traded on the Singapore Exchange market fell down by 0.09 percent and MSCI-Asia Pacific index surged by 0.77 percent on Thursday, according to Reuters. Besides on Wednesday, foreign investors purchased shares worth ₹6.95 billion ($116.4 million).

Oil and gas companies incurred losses after government delayed the hike in prices of gas and fuel for next three months. Oil and Natural gas (ONGC) fell by 6.2 percent and Reliance Industries shares slipped by 2.8 percent, but auto stocks gained after Jaitley's announcement to extend excise duty concession in Automobile and its related sectors.

ONGC recorded at ₹414.60 per stock with loss of ₹22.25, while stock price of Reliance Industries was recorded at ₹1024.50 with loss of ₹26.50 on Thursday.

Abban Off shore's stocks surged 5.7 percent, and Indraprastha Gas too gained after falling 2 percent on hopes that the government's decision to defer a gas price hike would benefit automobile gas sectors.

While Brent crude oil was last traded for $113.93 per barrel, it settled close to a nine month high above $114 a barrel as Sunni insurgents fought government forces to take control over Iraq's biggest refinery on Wednesday.

"Markets have already factored in the Iraq situation - unless something more chaotic happens. The threat of supply disruptions is receding," Reuters quoted Avatar Sandhu of Singapore Phillip Futures.

However, analysts told Reuters that the government deferring the hike in price of gas will not change the direction of structural reforms in oil and gas sectors. Hence, BSE Oil and gas index was recorded at ₹11,072.15 per share with loss of ₹353.54 against previous close of ₹11,425 on Wednesday.

Asian markets recorded high on Thursday. Nikkei index was recorded 15308.49 points with increase of 41.88 points, while Hang Seng index recorded 23070.81 points with increase of 204.11 points.

In the meantime, all US based stock indices recorded a high, but major European markets FTSE 100, DAX, CAC 40 and TR Europe declined by 53.45, 70.33, 50.74 and 1.38 points respectively.

As expected by experts and analysts, India based stock markets traded range bound due to derivative expiry on Thursday along with other factors like monsoon and upcoming budget.

However, at 12:12 pm, BSE Sensex recorded 25,168.59 points with fall of 49.1 points and NSE's Nifty recorded 7525.90 points with decline of 28.2 points.