Markets fall 444 pts on oil woes, realty worst hit

Sensex tanked over 440 points with panic-stricken investors making heavy selling in backdrop of rising crude prices.

The Bombay Stock Exchange’s benchmark Sensex tanked over 440 points with panic-stricken investors making heavy selling in the backdrop of rising crude prices in the global markets which could result in higher inflation and in turn hit bottom lines of corporates.

The 30 share Sensex even dipped below 15,000 points level during the day but recovered partially to end the day at 15,128.04, lower by 444.14 points.

BSE barometer touched the day’s low of 14,846.18 and a high of 15,202.74 points.

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Similarly, the National Stock Exchange index Nifty lost 126.85 points at 4,500.95. It dropped to below the crucial 4,500 level to touch the day’s low of 4,411.60.

Marketmen said rising crude prices in global markets raised concerns of a rise in inflation rate. Investors are now inclined to shift funds from equity to bullion, they added.

Realty stocks bore the brunt of Monday’s heavy selling and some of them even touched their offer prices. The sectoral index plunged by 437.65 points at 5,772.65, followed by capital goods index which declined by 347.33 points.

As the crude oil surged to record high levels, refinery stocks index lost 301.30 points at 9,704.78 as fear has started setting in among investors that higher prices might hurt oil and gas company’s earnings.

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Bank sector index dropped by 228.24 points at 7,038.04, PSU index by 186.22 points at 6,480.37, IT index by 168.08 points at 4.430.51, teck index by 91.59 points at 3,406.29, auto index by 72.94 points at 4,154.38 and power index by 65.84 points at 2,634.18.

However, healthcare index bucked the weakening trend and gained 26.87 points at 4,322.88.

As the selling pressure spread over a wide front, small cap index dropped by 263.72 points at 7432.33 and mid cap index by 161.30 points at 6188.35.