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Sensex falls 348 points on high brent crude prices, profit booking

Sensex falls 348 points on high brent crude prices, profit booking

Oil stocks such as HPCL, IOC and BPCL fell 8.17 per cent,5.07 per cent and 5.14 per cent, respectively, amid concerns that escalating violence in Iraq could disrupt oil supplies.

The Sensex on Friday shrugged off the positive retail inflation and IIP data as oil and gas stocks fell on brent crude prices hovering around nine-month high and investors booked profit with market at record levels.

Oil stocks such as HPCL, IOC and BPCL fell 8.17 per cent,5.07 per cent and 5.14 per cent, respectively, amid concerns that escalating violence in Iraq could disrupt oil supplies.

The Sensex closed 348 points lower at 25,228 points after gaining marginally in morning trade on the back of positive economic data. NSE's barometer Nifty fell 107 points, to close below 7,600 levels at 7542 points.

Jaiprakash Associates, DLF and HPCL lost 8.30 per cent, 8.23 per cent and 8.17 per cent, respectively.  

Among blue chips stocks, Reliance Industries fell 1.16 per cent and Axis Bank  fell 4.48 per cent.

The Infosys stock rose 0.48 per cent to Rs 3,181.65, a day after the firm announced the appointment of new CEO Vishal Sikka .

Market breadth was negative with 428 stocks falling against 71 rising on the BSE 500.