Sensex crashes 495 points, Nifty ends below 11,600 mark
Markets were hit following reports that the United States will end sanctions waiver on Iranian oil imports.
Indian benchmark indices ended the day on a low as markets were hit following reports that the United States will end a sanctions waiver on Iranian oil imports, PTI reported. The BSE Sensex crashed 495 points to close at 38,645.18, while the National Stock Exchange Nifty dropped more than 158 points to close at 11,594.
Global benchmark Brent crude climbed to a high of $73.81 (Rs 5,143) per barrel. India and China are Iran’s biggest oil customers. “As a significant importer of crude oil, the high oil price is not good for Indian macros,” Jagannadham Thunuguntla, senior vice president and head of research (Wealth) at Centrum Broking, told PTI.
The five stocks that rose on the Sensex were Bharti Airtel, Tata Consultancy Services, Infosys, NTPC and Power Grid Corporation. On the Nifty 50, the top gainers were Bharti Airtel, Wipro, Tech Mahindra, Infosys and NTPC.
The stocks of Yes Bank fell on Sensex as well as Nifty by over 6%. Other losers on Sensex were IndusInd Bank and Reliance, while on NSE were Indiabulls Housing Finance and Bharat Petroleum Corporation Limited.
The Indian rupee weakened by 28 paise to 69.63 against the US dollar intraday.