Why CNX Energy is down while crude oil price is pummeling?

Hello guys!

Today I was going through indices, say CNX Energy and Metal. When Crude oil and Commodity prices are falling like anything why is this adverse effect? I know RBI gonna review interest rate tomorrow and Rajan may not cut the rate, Even though this two indices are worst performed today!!


Reliance and ONGC constitute 60% weightage in CNX Energy index. The price of the crude oil fell resulting in less profit for oil producing companies(reliance,ongc etc). As Reliance and ONGC fell much comparatively on 1st Dec2014, CNX Energy index has fallen.

I didt think that way! :slight_smile: Thanks!