BSE benchmark Sensex tanked 537 points on Monday, knocking off nearly 1,800 points over the last five days, as rising crude prices and falling rupee continued to haunt Dalal Street.
Oil prices rose 2 per cent as sanctions restricted Iranian crude exports, tightening global supply, with some traders forecasting a spike in crude to as much as $100 per barrel. Brent crude price rises to $80.50 a barrel, its highest level since November 2014.
The rupee lost 53 paise against the US dollar and was trading above 72.50 level at the time of writing this report.
The domestic indices also took cues from the weakness that gripped the global markets on Monday as trade tensions flared once again after China’s decided to call off talks with the United States.
The BSE Sensex settled 1.46 per cent lower at 36,305.02 while the Nifty50 shed 168.20 points to close at 10,974.90.
On BSE, four out of every five stocks settled the day lower