June 27, 2018 / 6:57 AM / 5 months ago

Indian shares slip on higher oil prices, weaker rupee

* NSE index down 0.28 pct, BSE index 0.13 pct lower

* OMCs fall on higher crude prices

* IT stocks gain on weaker rupee

By Vishal Sridhar

June 27 (Reuters) - Indian stock markets fell on Wednesday as shares of oil marketing companies slipped on higher crude prices and the rupee hit a more than one-and-a-half year low, while traders turned cautious a day before the expiry of derivatives contracts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent as sharp losses in Chinese equties hit sentiment across Asia.

The broader NSE index was down 0.28 percent at 10,738.90 as of 0608 GMT while the benchmark BSE index was trading 0.13 percent lower at 35,443.16.

“Markets will be in a narrow range today and tomorrow due to derivatives expiry, while global factors such as trade war and oil are also weighing on investors’ sentiment,” said R.K. Gupta, managing director at Taurus Asset Management.

Top oil marketing companies were among the top percentage losers on the NSE index as supply disruptions in Libya and Canada coupled with U.S. attempts to stop Iran imports pushed oil prices higher.

Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd and Indian Oil Corp Ltd dropped over 4 percent each.

State-run lenders fell after the financial stability report from the Reserve Bank of India indicated continuation of stress in the banking sector.

Nifty PSU bank index dropped as much as 2.3 percent to its lowest level in five weeks. Syndicate Bank Ltd fell to its lowest in over nine years while Oriental Bank of Commerce Ltd plunged to its lowest since April 2003.

However, information technology stocks gained, with Nifty IT index rising as much as 1.4 percent, on track for a fourth straight session of gain, helped by a weaker rupee.

Tech Mahindra Ltd, up more than 3 percent, was the top percentage gainer on the NSE index while Tata Consultancy Services Ltd hit an all-time high.

The Indian rupee hit a near 19-month low of 68.575 to a dollar (0.01458 dollar per rupees) and was trading at 68.52 per dollar as of 0605 GMT. (Reporting by Vishal Sridhar in Bengaluru; Editing by Vyas Mohan)

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