Following a crash in crude oil prices, S&P BSE Oil and Gas index was trading 2.84 per cent lower. All the stocks were trading in red with ONGC leading the fall.
Indian share market benchmarks BSE Sensex and Nifty 50 fell 3 per cent in the opening trade on Tuesday taking cues from global peers, after US futures contracts for May crashed below zero to negative $40.32 a barrel. The 30-share Sensex was trading 885 points or 2.79 per cent down at Rs 30,764, while the broader Nifty 50 index was ruling at 9,029, after slipping below 9,000-mark. “Multiple negative newsflows from global markets like immigration suspension announced by Trump, sharp volatility in crude oil prices would put further pressure on markets overall,” Vikas Jain, Senior Research Analyst at Reliance Securities, said.
HUL, ITC, Sun Pharma gain: Out of 30 Sensex stocks, 25 scrips were trading in the red. Maruti Suzuki was the top index loser, down 7.13 per cent, followed by Tata Steel, IndusInd Bank and Bajaj Finance. On the flip side, Sun Pharma, Hindustan Unilever, Asian Paint, ITC and Nestle India were the top Sensex gainers.
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Nifty FMCG, Nifty Pharma surge: Nifty Metal index slipped nearly 5 per cent while Nifty Private Bank index was down 4 per cent in a weak trade. Conversely, Nifty FMCG and Nifty Pharma were trading higher, up 0.12 per cent and 2.62 per cent, respectively.
BSE Oil and Gas index down nearly 3%: Following a crash in crude oil prices, S&P BSE Oil and Gas index was trading 2.84 per cent lower. All the stocks were trading in red with ONGC leading the fall, down 5.54 per cent, GAIL 3.83 per cent, RIL 3.44 per cent, IOC 3.08 per cent.
Oil prices crash: Due to lockdown in most of the countries amid coronavirus pandemic, industrial and economic activities have come to a halt. Crude crashed into negative territory for the first time ever as storage tanks brim to capacity. In New York, West Texas Intermediate for May delivery dropped as low as negative $40.32 a barrel.
Global markets: Asian markets followed Wall Street after oil prices tumbled to a historic low. MSCI’s broadest index of Asia-Pacific shares outside Japan fell half a per cent while Japan’s Nikkei was down a per cent. On Wall Street, the Dow Jones Industrial Average dropped 2.44% to end at 23,650.44 points, while the S&P 500 lost 1.79% to 2,823.16. The Nasdaq Composite dropped 1.03% to 8,560.73.