NEW DELHI: Equity indices plunged in opening session on Tuesday with the benchmark BSE sensex falling over 900 points, dragged by banking, energey and IT stocks amid weak global cues after US crude futures crashed below zero as demand collapses due to the coronavirus pandemic.
The 30-share BSE index fell 944 points or 2.98 per cent to 30,704; while the broader NSE Nifty crashed 278 points or 3 per cent at 8,984.
Top laggards in the sensex pack included IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank, Maruti, ICICI Bank and ONGC with their shares falling as much as 7.24 per cent.
On NSE, Nifty Auto, Bank, Private Bank and Media dragged as much as 4.39 per cent.
According to traders, domestic market plunged following selloff in global equities as rout in crude market hit investor sentiment world over.
US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. With space to store oil scarce, US benchmark West Texas Intermediate (WTI) for May delivery plunged to -$37.63 a barrel.
However, US oil prices rebounded back above zero on Tuesday. WTI crude for May delivery was changing hands at $0.56 a barrel in New York.
Further, concerns over mounting Covid-19 cases also kept investors jittery, traders said.
The death toll due to the pandemic rose to 590, while the number of cases in the country climbed to over 18,600.
Meanwhile, the Indian rupee depreciated by 30 paise to 76.83 against the US dollar in opening trade, tracking weak domestic equities and strengthening of the US dollar overseas.
In the previous session, sensex closed higher for the third consecutive day, after swinging between gains and losses. At close, the sensex was up 59.28 points or 0.19 per cent at 31,648. While, the NSE barometer Nifty was down 4.90 points or 0.05 per cent at 9,261.85.
Foreign portfolio investors (FPIs) were net sellers in the capital market on Monday, as they offloaded equity shares worth Rs 265.89 crore, according to provisional exchange data.
(With agency inputs)
The 30-share BSE index fell 944 points or 2.98 per cent to 30,704; while the broader NSE Nifty crashed 278 points or 3 per cent at 8,984.
Top laggards in the sensex pack included IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank, Maruti, ICICI Bank and ONGC with their shares falling as much as 7.24 per cent.
On NSE, Nifty Auto, Bank, Private Bank and Media dragged as much as 4.39 per cent.
According to traders, domestic market plunged following selloff in global equities as rout in crude market hit investor sentiment world over.
US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. With space to store oil scarce, US benchmark West Texas Intermediate (WTI) for May delivery plunged to -$37.63 a barrel.
However, US oil prices rebounded back above zero on Tuesday. WTI crude for May delivery was changing hands at $0.56 a barrel in New York.
Further, concerns over mounting Covid-19 cases also kept investors jittery, traders said.
The death toll due to the pandemic rose to 590, while the number of cases in the country climbed to over 18,600.
Meanwhile, the Indian rupee depreciated by 30 paise to 76.83 against the US dollar in opening trade, tracking weak domestic equities and strengthening of the US dollar overseas.
In the previous session, sensex closed higher for the third consecutive day, after swinging between gains and losses. At close, the sensex was up 59.28 points or 0.19 per cent at 31,648. While, the NSE barometer Nifty was down 4.90 points or 0.05 per cent at 9,261.85.
Foreign portfolio investors (FPIs) were net sellers in the capital market on Monday, as they offloaded equity shares worth Rs 265.89 crore, according to provisional exchange data.
(With agency inputs)
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