Sensex plummets 493 points; Nifty falls for sixth day as crude oil prices hover above USD 91 per barrel

The domestic equity benchmark indices declined sharply as crude oil prices over USD 91 per barrel and the persisting tensions between US and Iran weighed heavily on investor sentimentMarket movementThe 30share BSE Sensex extended its losses for third straight day and plunged 49270 points or 063 per cent to settle at 7723546 The 50share NSE Nifty tumbled for the sixth straight day declining 13275 points or 055 per cent to end at 2415490According to Bajaj Broking Research Indian benchmark indices opened on a weak note and remained under pressure throughout the session It added that the session also remained volatile and choppy amid the weekly Nifty expiry while persistent weakness in the Indian rupee against the US dollar added to the pressure on domestic equitiesOn Monday the Sensex declined 28109 points or 036 per cent to settle at 7772816 while the Nifty shed 7835 points or 032 per cent to end at 2428765 extending its losses to the fifth day amid the rising crude oil pricesAccording to Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services the Nifty 50 extended its losing streak to six consecutive sessions declining 17 per cent over the past weekFrom the Sensex pack Axis Bank Power Grid Mahindra amp Mahindra Bajaj Finance Larsen amp Toubro Reliance Industries were among the major gainers while Asian Paints Infosys HCL Tech Bharti Airtel Tata Consultancy Services and Hindustan Unilever were among the major laggardsBroader markets remained mixed with the Nifty Midcap 100 declining 04 per cent while the Nifty Smallcap 100 was broadly flat Sectorally Media and Automobiles gained 03 per cent each while IT Realty and PSU Banks were among the key laggards The Nifty IT index declined nearly 2 per cent for the third consecutive session pressured by elevated US Treasury yields and crude oil prices Khemka saidGlobal cuesCrude oil remained the primary drag on market sentiment while rising US bond yields and weak global cues prolonged the riskoff trend in Indian equities Investor anxiety increased as hopes for a Middle East resolution faded following the expiration of the temporary USIran ceasefire heightening concerns about renewed inflation Vinod Nair Head of Research Geojit Investments saidAccording to news agency PTI Brent crude the global oil benchmark went up 017 per cent to USD 9102 per barrelWeak global cues and FII foreign institutional investors selling weighed on sentiment with FIIs selling equities worth Rs 2535 crore on Monday their highest selling in three weeks The US 10year Treasury yield remained elevated at around 47 per cent while the rupee weakened 015 per cent to Rs 957 against USD adding to pressure on domestic equities Khemka saidIn Asian markets South Koreas Kospi and Japans Nikkei 225 settled lower while Shanghais SSE Composite index and Hong Kongs Hang Seng index recovered to end marginally higherWith inputs from PTI