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MARKET WRAP: Sensex slides 642 pts amid rise in oil prices; autos worst hit

All that happened in markets today

SI Reporter New Delhi

hare brokers react to falling stock prices on screens of computers and television

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.

GLOBAL STOCKS

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)

3:54 PM

Here's how sectoral indices on the NSE performed today

3:53 PM

MARKET CHECK | S&P BSE Heatmap at close

3:39 PM

CLOSING BELL

The S&P BSE Sensex lost 642 points or 1.73 per cent to end at 36,481.09 levels while NSE's Nifty50 index ended at 10,818, down 186 points or 1.69 per cent.

3:27 PM

MARKET CHECK | Nifty Bank bleeds nearly 750 pts

2:59 PM

Sector watch | Nifty Bank declines more than 600 pts

2:52 PM

MARKET ALERT | 36 Nifty companies trade below 200-DMA

(Via CNBC TV18)

2:50 PM

CURRENCY CHECK | Rupee approaches 72/USD

(Source: Bloomberg)

2:41 PM

Market check | Buying on dips helps Sensex recover partially

2:39 PM

COMMENT :: Chris Midgley, global head of analytics, S&P Global Platts

S&P Global Platts Analytics forecast Dated Brent prices are likely to test the high $70s as currently supported by fundamentals. Price could move higher if Saudi production is confirmed to be curtailed for a more substantial period – but this is not our current assumption. However - it is legitimate to ask whether $80 Dated Brent could tip an already weakening global economy into recession.

Prior to the attacks on Saudi Aramco, S&P Global Platts Analytics previous research shows a 35% chance of recession and questioned whether the spike in Dated Brent as a result of IMO2020 could be the tipping point. A $20/bbl increase in oil prices reduces global GDP by 0.35%.

The global economy has already weakened significantly over the past 9 months, and is currently estimated to be growing at 2.9%, well below the long-term trend. Normal recessions have in the past produced global GDP growth rates between 2.0% and 2.3%. In the post-world-war period, only the Recession in 2008-2009 produced negative economic growth rates globally. Therefore, the global economy could be pushed very close to a normal recession territory if oil prices test $80/bbl

2:35 PM

Nomura on oil prices

On one hand, OPEC and Russia have some room to increase supply, and oil inventories can also be tapped to fill the temporary void from the lost Saudi production (and all this is happening against a backdrop of weakening global growth). If this truly is a temporary, one-off disruption, then oil prices could stabilise near current levels. On the other hand, if there is strong retaliation or more drone attacks, the situation could spiral out of control; in the worst case, it could escalate into a full-blown crisis in the Middle East and lead to larger and more permanent oil supply declines.

2:32 PM