Indian shares slumped on Monday as oil prices surged over 10 percent after attacks on key oil producer Saudi Arabia’s crude facilities over the weekend, reducing over 5 percent of the global oil supply. The Sensex ended 262 points lower at 37,123, while the broader Nifty50 index lost 72 points to end the day at 11,003
Indian shares slumped on Monday as oil prices surged over 10 percent after attacks on key oil producer Saudi Arabia’s crude facilities over the weekend, reducing over 5 percent of the global oil supply. The rupee also tumbled over 1 percent to 71.69 against the dollar.
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The Sensex ended 262 points lower at 37,123, while the broader Nifty50 index lost 72 points to end the day at 11,003. In broader markets, the Nifty Midcap and the Nifty Smallcap index were flat.
Meanwhile, shares in Asia extended losses as bleak economic data from China sapped investors’ appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent after data showed China’s industrial production growth unexpectedly fell to its weakest pace in 17-1/2 years in August.
Titan, Britannia, Tech Mahindra, ONGC, and Coal India were the top gainers on the Nifty50, while BPCL, M&M, UPL, SBI, and Indiabulls Housing led the losses.
Sectoral indices were mixed for the day. The Nifty Energy and Nifty PSU Bank indices fell the most, down 1.3 percent each. Meanwhile, Nifty Auto and Nifty Bank slipped around 0.8 percent each, while Nifty Fin Service and Nifty Realty fell 0.9 percent each for the day. Among gainers, Nifty FMCG and Nifty Pharma rose 0.5 percent each, while Nifty Media was up 0.3 percent.
Oil marketing companies (OMCs) were under pressure as crude oil prices soared to around $65 a barrel post drone attacks in Saudi. BPCL fell 7.3 percent, HPCL shed 5.8 percent and IOC slipped 1.4 percent.