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Sensex tumbles 571 points, Nifty ends below 17,150 amid rising oil prices

Sensex tumbles 571 points, Nifty ends below 17,150 amid rising oil prices

Sensex plunged 571.44 points to close at 57,292.49 and Nifty declined 169.45 points or 0.98 per cent to 17,117.60.

Power Grid, Asian Paints, UltraTech Cement, Nestle, Hindustan Unilever Limited and HCL Technologies were among the top Sensex losers, falling up to 2.93%. Power Grid, Asian Paints, UltraTech Cement, Nestle, Hindustan Unilever Limited and HCL Technologies were among the top Sensex losers, falling up to 2.93%.

Benchmark indices snapped two sessions of gaining streak today as rising oil prices played spoilsport amid prolonged Russia-Ukraine war. Sensex plunged 571.44 points to close at 57,292.49. During the day, it crashed 634.85 points or 1.09 per cent to 57,229.08.

Nifty declined 169.45 points or 0.98 per cent to end at 17,117.60.

Power Grid, Asian Paints, UltraTech Cement, Nestle, Hindustan Unilever Limited and HCL Technologies were among the top Sensex losers, falling up to 2.93%.

Sun Pharmaceutical, HDFC Bank, Maruti, Titan and NTPC were the only gainers, rising  up to 0.41%.

"With no significant improvement in the tensions between Russia and Ukraine and uncertainty in the Gulf region, crude prices surged leading to a sell-off in the domestic market after the recent rally. FIIs coming back to buying mode is a positive for domestic equities but a rise in bulk diesel prices and inflationary pressure are bending the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.

International oil benchmark Brent crude jumped 3.53 per cent to $111.5 per barrel.

Meanwhile, rupee fell 31 paise to close at 76.15 against the US dollar as rising crude oil prices and a lacklustre trend in domestic equities weighed on investor sentiment.

Share Market Updates: Sensex falls 571 pts, Nifty ends below 17,150; PowerGrid, UltraTech, Asian Paints top losers

At the interbank foreign exchange market, the rupee opened at 76.08 against the American currency, then lost further ground to settle at 76.15, down 31 paise from the previous close.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said,"The medium term texture of the market is still on the positive side. We are of the view that 50-days simple moving averages (SMA) or 17,250 on the Nifty would act as an immediate hurdle for the bulls below which the correction wave is likely to continue till 17000-16975. Fresh uptrend is possible only after 17,250 breakout above which the chances of hitting 17350-17400 would turn bright. Contra traders can take a long bet near 16,975 with 16,950 support stop loss."

Stocks in news: SBI, Reliance Industries, HDFC, KEI Industries and more

On Thursday, Sensex closed 1,047.28 points or 1.84 per cent higher at 57,863.93 and Nifty surged 311.70 points or 1.84 per cent to close at 17,287.05.

HDFC was the top Sensex gainer, rising 5.50 per cent, followed by Titan, Reliance, Kotak Bank, Asian Paints, Sun Pharma and Tata Steel. Infosys and HCL Tech were the only Sensex losers, falling up to 1.81 per cent.

Equity markets were closed on Friday on account of Holi.

In Asia, Shanghai ended marginally higher while Hong Kong went lower. Tokyo was closed for a holiday.

Stock exchanges in the US closed with significant gains on Friday. Foreign institutional investors were net buyers as they purchased shares worth Rs 2,800.14 crore on Thursday, according to exchange data.