Stock markets decline as elevated crude oil prices weigh on sentiment; Sensex drops 388 points
The 30-share BSE Sensex drops 388.19 points, or 0.49 per cent, to settle at 78,154.25
Benchmark indices Sensex and Nifty ended lower on Tuesday as a sharp rally in crude oil prices due to geopolitical uncertainties dented investors' sentiment.
The 30-share BSE Sensex dropped 388.19 points, or 0.49 per cent, to settle at 78,154.25. During the day, it tanked 494.18 points, or 0.62 per cent, to 78,048.26.
The 50-share NSE Nifty declined 112.10 points, or 0.46 per cent, to end at 24,471.70.
From the Sensex pack, UltraTech Cement, Axis Bank, InterGlobe Aviation, Bharti Airtel, Bajaj Finance and Power Grid were among the major laggards.
Eternal, Infosys, Titan, HCL Tech, and Tata Consultancy Services were the gainers.
Brent crude, the global oil benchmark, jumped 2.18 per cent to USD 89.63 per barrel.
The dominant headwind for the session remained the renewed surge in global oil prices, he added.
In Asian markets, South Korea's KOSPI ended higher, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled lower. Equity markets in Japan were closed due to a holiday.
Markets in Europe were trading on a mixed note. US markets ended lower on Monday.
Foreign Institutional Investors bought equities worth Rs 1,974.76 crore on Monday, according to exchange data.
On Monday, the Sensex was up 43.27 points, or 0.06 per cent, and settled at 78,542.44. The Nifty went up marginally by 13.15 points, or 0.05 per cent, to end at 24,583.80.
