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MARKET WRAP: Sensex slides 642 pts amid rise in oil prices; autos worst hit
All that happened in markets today
Equity markets came under heavy selling pressure on Tuesday on fears that a spike in crude oil prices following attacks on Saudi oil facilities could hurt the economy further. India’s current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday.
The S&P BSE Sensex plunged 642 points or 1.73 per cent to end at 36,481.09, with Hero MotoCorp (down over 6 per cent) being the worst performer and HUL (up 1 per cent) the bigggest gainer. Out of 30 constituents, 27 ended in the red and just 3 closed in the positive territory.
During the session, the 30-share index hit a high and low of 37,169.56 and 36,419.09, respectively. HDFC, HDFC Bank, ICICI Bank, Axis Bank, Reliance Industries (RIL), and SBI emerged as the top contributors to the index's fall. On the flip side, Infosys, HUL, and Asian Paints gave the much-needed support.
On NSE, the frontline index Nifty50 lost 186 points or 1.69 per cent to end at 10,818. Nifty Bank bled 723 points or 2.60 per cent to end at 27,132.
Sectorally, all the indices on the NSE ended in the red. Auto stocks slipped the most, followed by realty and PSU bank scrips. The Nifty Auto index lost around 4 per cent to settle at 7,020.75 levels.
Volatility index India VIX zoomed 7 per cent to end at 15.99.
In the broader market, the S&P BSE MidCap index slipped 241 points, or 1.77 per cent, to 13,387 levels, and the S&P BSE SmallCap index lost 241 points or 1.84 per cent to close at 12,855.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.66 per cent. Chinese shares fell 1.07 per cent, while Hong Kong shares slumped 1.18 per cent. Euro Stoxx 50 futures were down 0.11 per cent, German DAX futures were down 0.02 per cent, while FTSE futures fell 0.31 per cent.
Brent crude, the international benchmark, fell 0.96 per cent to $68.39 per barrel. On Monday, it surged 14.6 per cent for its biggest one-day percentage gain since at least 1988. US West Texas Intermediate futures were down 1.29 per cent to $62.09 per barrel following a 14.7 per cent surge on Monday, the biggest one-day gain since December 2008.
(With inputs from Reuters)