Canindia News

Sensex tanks 1,500 points on global cues, crude down 30%

Mumbai, March 9 (IANS) Indian equity indices continued its bear run on Monday morning with the BSE Sensex falling 1,500 points.

The Nifty50 on the National Stock also slumped over 400 points to trade below 10,600 points.

At 10.05 a.m., the BSE Sensex was trading at 36,076.51, lower than 1,500.11 points or 3.99 per cent from its previous close of 37,576.62

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 36,041.75.

The Nifty50 was trading at 10,571.85, lower by 417.60 points or 3.80 per cent from its previous close.

It was a sell-off across sectors, led by financial, metal, energy and IT stocks – weighed on the markets.

The plunge in the domestic indices can be attributed to the similar trend in global markets on persistent fears of economic impact of the coronavirus epidemic.

Further, crude oil prices also slumped around 30 per cent on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia’s stance has already raised concerns of an all-out price war.

Brent Crude futures are currently trading around $31 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

–IANS

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