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    Closing Bell: Sensex, Nifty end 3% lower, rattled by oil crash; banks, financials drag most

    Closing Bell: Sensex, Nifty end 3% lower, rattled by oil crash; banks, financials drag most

    Closing Bell: Sensex, Nifty end 3% lower, rattled by oil crash; banks, financials drag most
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    By CNBCTV18.com  IST (Updated)

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    The Sensex ended 1,011 points lower at 30,637 while the Nifty settled 280 points lower at 8,981.

    Indian shares fell 3 percent on Tuesday, as a historic overnight plunge in US crude oil to below zero highlighted the economic damage caused by the coronavirus-led lockdowns. The Sensex ended 1,011 points lower at 30,637 while the Nifty settled 280 points lower at 8,981.
    Meanwhile, among global peers, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 2 percent, as did the Nikkei, EuroSTOXX 50 futures and FTSE futures. E-mini futures for the S&P 500 fell 0.5 percent.
    Monday’s historic plunge in oil, which saw some prices reach -$40 a barrel, is the result of growing crude stockpiles and a squeeze on storage space as lockdowns to contain the spread of the novel coronavirus slash global fuel use. First month West Texas Intermediate continued to trade in negative territory on Tuesday, at -$4.55 a barrel.
    West Texas Intermediate futures bounced back into positive territory on Tuesday, but a $39 rise still left the price for May delivery at $1.38 per barrel, as a storage squeeze and collapsing fuel demand due to the lockdowns crushed prices.
    Back home, losses in banks, auto, and metal indices weighed on the sentiment, down over 5 percent each. Nifty IT also slipped over 3.5 percent, while Nifty Energy lost over 2 percent in trade today.
    Broader markets also witnessed massive selling with Nifty Midcap and Nifty Smallcap indices down 3.3 percent and 3.9 percent, respectively.
    Among stocks, Dr Reddy's Bharti Infratel, Bharti Airtel, Hero MotoCorp, and Britannia were the major gainers, while IndusInd Bank, Bajaj Finance, ICICI Bank, Axis Bank, and Hindalco led the losses.
    Oil stocks crashed owing to the massing oil plunge overnight. ONGC fell the most, down almost 7 percent, while HPCL, IOC, and GAIL shed over 5 percent each.
    Infosys slid over 3 percent after the second-largest software exporter suspended its revenue guidance for full-year 2021 as the pandemic froze client activity in the United States and Europe.
    Bajaj Finance tanked over 9 percent after UBS downgraded the stock to 'sell' and steeply cut its target to Rs 1,600 from Rs 4,600 earlier.
    Jubilant Life Sciences rose 4 percent after ace investor Rakesh Jhunjhunwala increased his stake in the company by almost a percent to 4.41 percent in the quarter ended March 2020.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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