Sensex tanks 250 points on spike in crude oil prices, Nifty slips below 11,000

Benchmark equity indices BSE Sensex and NSE Nifty took a beating in Monday’s trade following a spike in crude oil prices overseas. Announcements made by the finance minister Nirmala Sitharaman this past weekend to boost ailing housing sector and exports restricted downside.

The 30-share Sensex declined as much as 263 points to 37121.56, while the 50-share Nifty index breached the psychological level of 11,000 in the early trade.

Oil soared to six-month highs after weekend attacks on crude facilities at key producer Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investor risk appetite.

Brent crude was trading over 10 per cent up at $66.25 per barrel, while WTI crude was trading 8.93 per cent higher at $59.75.

Following the global developments, the rupee was also trading nearly 60 paise down at 71.52 against the US dollar in the early trade.

As many as 22 stocks in the Sensex were trading in the red with YES Bank NSE -2.41 % falling the most 3 per cent. It was followed by Reliance Industries NSE -1.55 % (down 2.57 per cent), Asian Paints (down 2.55 per cent) and Tata Steel (down 1.70 per cent). On the other hand, ONGC, TCS, HUL and Tech Mahindra NSE 0.31 % were down between 0.50 per cent and 2.60 per cent.

Among the sectoral indices on BSE, the Oil & Gas, Telecom, and Bankex were down 1.08 per cent, 0.91 per cent and 0.76 per cent, respectively. On the other hand, Consumer Durables, IT and TECk were up 0.69 per cent, 0.64 per cent and 0.46 per cent, respectively.

Asian peers Hang Seng was trading 1 per cent down at 27,078, while Nikkei and Shanghai were up 1.05 per cent and 0.10 per cent, respectively.

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