Sensex Falls Over 400 Points; Oil and Gas Stocks Slump

  On: June 13, 2014 15:03

The BSE Sensex fell over 400 points to 25,171.61, retreating from record highs hit earlier in the week. Oil and gas stocks fell as Brent crude surged to nine-month highs amid concerns that escalating violence in Iraq could disrupt oil supplies.
BSE's Oil & Gas index fell nearly 2.5 per cent. HPCL slumped 9.3 per cent, IOC lost 8.9 per cent and BPCL fell about 7 per cent.
Profit-taking was also seen in recent gainers like power, realty and metal stocks. DLF, Hindalco, NMDC and JSPL fell between 3.5 per cent and 4.5 per cent.
Some buying in IT stocks was seen as rupee hit a one-month low of 59.63 against the dollar. HCL Tech was the top gainer on Nifty which traded with nearly 2 per cent gains.
The new government got the best news on the economy in a year on Thursday, as industrial growth rebounded and retail inflation dropped to a three-month low, signs of an economic revival that could offset the threat of patchy summer rains