Sensex tanks 642 pts as oil woes continue

Mumbai, September 17

Indian equities tumbled for a second session today as investors feared that elevated crude prices may further aggravate India's fiscal concerns and cause more troubles for the economy.

Tracking weak global sentiments following drone attacks on Saudi Arabia's oil facilities, the BSE benchmark Sensex plunged 642.22 points, or 1.73%, to 36,481.09. The gauge nosedived over 704 points during the session. The broader NSE Nifty fell 185.90 points, or 1.69%, to 10,817.60.

On the Sensex chart, losses were mainly driven by Hero MotoCorp, Tata Motors, Axis Bank, Tata Steel, Maruti and SBI — falling as much as 6.19%. Of the 30 scrips of the BSE gauge, HUL, Asian Paints and Infosys were the three gainers.

All sectoral indices ended in the red, with BSE auto, realty, metal, bankex, finance, oil and gas, energy, teck and IT indices falling up to 3.80%. Broader BSE midcap and smallcap indices followed benchmarks, cracking up to 1.84%.

After soaring as much as 20% to $71.95 per barrel on Monday, Brent crude futures corrected slightly to trade at $67.97 per barrel on Tuesday.

RBI Governor Shaktikanta Das also warned on Monday that India's current account and fiscal deficits could worsen if oil prices remain at the elevated level. — PTI

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All indices in red 

All sectoral indices ended in the red, with BSE auto, realty, metal, bankex, finance, oil and gas, energy, teck and IT indices falling up to 3.80%

Broader BSE midcap and smallcap indices followed benchmarks, cracking up to 1.84%

After soaring as much as 20% to $71.95 per barrel on Monday, Brent crude futures corrected slightly to trade at $67.97 per barrel on Tuesday.