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Sensex, Nifty trade lower over sharp rise in crude oil prices

IANS  |  Mumbai 

Sensex and Nifty traded lower during the afternoon session of the trade on Thursday over a sharp rise in crude prices and decline in financial stocks.

Brent crude futures on Thursday surpassed the $60-a-barrel mark.

Also, investors awaited Q3 corporate results, set to start on Thursday, and more clarity regarding US-trade talks.

The weekly report released on Wednesday by the showed that US crude inventories decreased during last week, of told IANS.

Gupta added that the rise in price was positive for crude as crude prices had seen volatility in recent months because of the imbalance demand-supply ratio.

He, however, added that crude price rise will have an adverse affect on the Indian rupee.

In addition, the supply cut by OPEC and other major producers came into affect from January 1.

Lately, excess US oil has pushed down prices.

Accordingly, the Indian currency weakened to Rs 70.57 per dollar from its previous close of 70.46.

At 1.57 p.m., the traded 80.69 points or 0.22 per cent lower to touch 36,132.22.

It opened at 36,258 on Thursday from its previous close of 36,212.91 on Wednesday.

The benchmark index, however, traded in a short range, touching an intra-day high of 36,269.31 and a low of 36,091.05.

The broader Nifty50 declined 35.75 points, or 0.33 per cent, to 10,819.40.

--IANS

ravi/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 14:14 IST
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