Sensex crashes over 600 points, Nifty trades in red over crude oil woeshttps://indianexpress.com/article/business/market/sensex-crashes-points-nifty-trades-in-red-over-weak-global-cues-6003134/

Sensex crashes over 600 points, Nifty trades in red over crude oil woes

The 30-share index was trading at 673 points, or 1.81 per cent lower at 36,449 at 3 pm while broader Nifty was trading 198 points, or 1.80 per cent lower at 10,805.

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In the previous session, the BSE barometer settled 262 points, or 0.70 per cent, lower at 37,123.31, while the Nifty closed 79.80 points, or 0.72 per cent, down at 10,996.10.

Domestic benchmark equity Sensex dropped 642 points Tuesday as the market sentiment remained weak due to soaring crude prices in the wake of the attack on Saudi oil fields.

The 30-share index ended the day at 642.22 points, or 1.81 per cent lower at 36,481 while broader Nifty closed at 185.90 points, or 1.80 per cent lower at 10,817.

In the previous session, the BSE barometer settled 262 points, or 0.70 per cent, lower at 37,123.31, while the Nifty closed 79.80 points, or 0.72 per cent, down at 10,996.10.

Top losers in the Sensex pack included Maruti Suzuki, Tata Motors, Axis Bank, HDFC and Hero Motocorp, HUL, Infosys, and Asian Paints were the only gainers in the pack.

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On Monday, foreign portfolio investors sold shares worth a net of Rs 751.26 crore, while domestic institutional investors bought equities worth Rs 308.56 crore, provisional data showed.

Investor sentiment remained weak amid geopolitical uncertainties after the attack on Saudi oil fields, fearing a surge in oil prices affecting economic growth. Market is now awaiting cues from the upcoming trade talks between China and the US as well as a much-anticipated policy meeting of the Federal Reserve, scheduled to take place in the evening.

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Higher import cost of oil could sharply worsen current account position, compress profit margins and raise inflation, a Nomura report said.

Elsewhere in Asia, Shanghai Composite Index and Hang Seng ended significantly lower, while Nikkei and Kospi settled in the green.

On Wall Street, bourses ended on a negative note on Monday.

The rupee further depreciated by 37 paise (intra-day) to trade at 71.97 per US dollar.

Global oil benchmark Brent crude fell 0.27 per cent to 67.28 per barrel by 3 pm.

(With inputs from PTI)