Share market update: OMCs trade in the red; ONGC slips nearly 2%

New Delhi: OMCs were trading under pressure with the S&P BSE Oil & Gas index down 1.08 per cent at 13,135.74 on Thursday with all eyes on the OPEC meeting.

OPEC meeting is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 per cent since October.

Shares of Oil And Natural Gas Corporation (down 1.84 per cent), Indraprastha Gas (down 1.66 per cent), Indian Oil

Corporation (down 1.49 per cent)and Reliance Industries (down 1.13 per cent) were trading with losses.

Oil India (down 1.12 per cent), Hindustan Petroleum Corporation (down 0.79 per cent)and GAIL (India) (down 0.74 per cent) too were trading in the red.

Benchmark NSE Nifty50 index was down 103.55 points at 10,679.35 while BSE Sensex was down 303.3 points at 35,581.11 around 01:01 pm.

Among the 50 stocks in the Nifty index, 7 were trading in the green, while 43 were in the red.

Shares of Reliance Communications, Vakrangee, Dish TV India, JP Associates, Sun Pharma, ONGC, YES Bank, Suzlon Energy, NCC and PNB were among the most traded shares on the NSE.