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Mumbai: Oil prices tumbled below $50 a barrel on Monday, spooking global financial markets and signaling that the remarkable 50 percent price drop since June was continuing this year and even quickening.
The new drop in U.S. and global benchmarks of more than 4 percent was accompanied by reports of increased Middle Eastern oil exports, continuing increases in U.S. production and renewed worries about the declining economic fortunes of Europe.
Meanwhile, the benchmark BSE Sensex tumbled over 588.15 points to 27,254.17 and the NSE Nifty dipped below the 8,300-mark in opening trade today on heavy selling by funds and investors amid global sell-off on worries about Eurozone
and sinking oil prices.
The 30-share barometer plunged by 588.15 points, or 2.11 per cent, to 27,254.17 with all sectoral indices led by auto,
IT, realty and capital goods, trading in negative zone with losses up to 2.42 per cent.
The index had lost 45.58 points in the previous session.
On similar lines, the National Stock Exchange index Nifty slipped below the 8,300-mark by falling 174.40 points, or 2.08
per cent, to 8,204.
Brokers said heavy selling by participants, following a weak trend at other Asian markets and an overnight slump in US
shares on worries about the Eurozone and sinking oil prices, dragged down the key indices.
Globally, US oil prices finished at USD 50.04 per barrel, down five per cent, after sliding below USD 50 a barrel
earlier in yesterday's trade.
Prominent losers among the 30 Sensex stocks were Tata Motors, ONGC, GAIL, HDFC Ltd, HDFC Bank, Hero Moto, Infosys,
L&T, Maruti Suzuki, RIL, SBI, Sesa Sterlite, Sun Pharma, Tata Power, Tata Steel, TCS and Wipro.
Among other Asian markets, Hong Kong's Hang Seng index was down by 0.87 per cent, while Japan's Nikkei fell 2.62 per
cent in early trade today.
The US Dow Jones Industrial Average ended 1.86 per cent lower in yesterday's trade. PTI
The new drop in U.S. and global benchmarks of more than 4 percent was accompanied by reports of increased Middle Eastern oil exports, continuing increases in U.S. production and renewed worries about the declining economic fortunes of Europe.
Meanwhile, the benchmark BSE Sensex tumbled over 588.15 points to 27,254.17 and the NSE Nifty dipped below the 8,300-mark in opening trade today on heavy selling by funds and investors amid global sell-off on worries about Eurozone
and sinking oil prices.
The 30-share barometer plunged by 588.15 points, or 2.11 per cent, to 27,254.17 with all sectoral indices led by auto,
IT, realty and capital goods, trading in negative zone with losses up to 2.42 per cent.
The index had lost 45.58 points in the previous session.
On similar lines, the National Stock Exchange index Nifty slipped below the 8,300-mark by falling 174.40 points, or 2.08
per cent, to 8,204.
Brokers said heavy selling by participants, following a weak trend at other Asian markets and an overnight slump in US
shares on worries about the Eurozone and sinking oil prices, dragged down the key indices.
Globally, US oil prices finished at USD 50.04 per barrel, down five per cent, after sliding below USD 50 a barrel
earlier in yesterday's trade.
Prominent losers among the 30 Sensex stocks were Tata Motors, ONGC, GAIL, HDFC Ltd, HDFC Bank, Hero Moto, Infosys,
L&T, Maruti Suzuki, RIL, SBI, Sesa Sterlite, Sun Pharma, Tata Power, Tata Steel, TCS and Wipro.
Among other Asian markets, Hong Kong's Hang Seng index was down by 0.87 per cent, while Japan's Nikkei fell 2.62 per
cent in early trade today.
The US Dow Jones Industrial Average ended 1.86 per cent lower in yesterday's trade. PTI
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