June 14, 2019 / 4:58 AM / 3 months ago

Indian shares fall as crude rises; Jet Air slumps to fresh lows

* NSE index down 0.36 pct, BSE index falls 0.32 pct

* Jet Airways sinks 15% to record low

* Adani Gas up over 7% on report of deal with Total SA

By Derek Francis

BENGALURU, June 14 (Reuters) - Indian shares edged lower on Friday, tracking broader Asia, as investors fretted over a rally in crude prices following tanker attacks in the Gulf of Oman on Thursday.

Oil prices rose for a second day on Friday, extending sharp gains following the attacks and stoked concerns of reduced crude flows through one of the world’s key shipping routes.

The broader NSE index fell 0.36% to 11,871.80 in morning trade, while the benchmark BSE index was 0.32% lower at 39,613.28.

“I don’t see it (the attack) as a major concern for crude to go up,” said Rusmik Oza, senior vice president (Head of Fundamental Research) at Kotak Securities.

“This spike will cool off after some days unless this intensifies into a warlike situation.”

Oil marketers topped the losers’ list on the NSE. Indian Oil Corp fell as much as 1.2%, while Bharat Petroleum Corp Ltd fell about 0.8%, dragging the Nifty energy index about 0.3% lower.

Shares of Jet Airways fell as much as 15%, extending their fall to a fresh low after the National Stock Exchange said on Wednesday the carrier would soon no longer be traded in the derivatives market, while day-trading in the stock would also be barred

The public sector banking index was lower by about 0.5%, dragged by heavyweights State Bank of India and Bank of Baroda, which were down by about 0.7%

Generic drugmaker Dr Reddy’s Laboratories Ltd was down about 1% after a deal to sell its neurology branded products.

Among gainers, Power Grid Corp topped the NSE list, rising about 1.4%.

Adani Gas Ltd rose over 7% after a newspaper reported that French Energy Giant Total SA was close to acquiring a 30% stake in the company. (Reporting by Derek Francis in Bengaluru; editing by Gopakumar Warrier)

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