Sensex, Nifty Fall On The Back Of Rising Crude Oil
Key benchmark indices logged strong losses on Monday, based on spike in global crude oil prices. Brent, the global oil benchmark, rose to a Six-month high of USD74.31/pb after reports suggested that the US admn will not renew waivers for Iranian oil imports to nations like China, India etc. The BSE Sensex closed with heavy loss of 495.1 at 38645.18 while Nifty50 of the NSE also plunged 158points to at 11594.45. Indiabulls Housing, Yes Bank, BPCL, IndusInd Bank and IOC were the top losers on Nifty, while losers were BhartiAirtel, Wipro, TCS, Tech Mahindra and Infosys. Surge in I.T stocks witnessed on the back of falling rupee. The rupee hit a thirty days low of 69.88 per dollar in the intra-day, before paring some losses. Shares of Reliance Industries Limited (RIL) recorded lower in trade by over 3%, after reporting a weak quarter for its for its petro-chemical segment. Nifty Bank fell 1.77pc led by Yes Bank, IndusInd Bank and PNB between 3 to 7 percent in range. Oil marketing company (OMC) stocks took a hit from higher crude prices. IOC, BPCL and HPCL fell up to 6percent. Read the full article