Sensex, Nifty End Lower As Oil Price Surge And Weak Global Cues Weigh On Sentiment
Nifty 50 fell 158 points (0.73%) to 24,052.05, and Sensex shed 561 points (0.72%) to 77,054.94 on Tuesday.
Crude oil prices surged after US President Donald Trump announced reinstatement of a blockade on Iranian shipping in the Gulf and a 20% fee on cargo through the Strait of Hormuz.
Brent crude rose 2% to $84.98 per barrel, while US WTI gained 2.1% to $79.79 per barrel.
Auto, IT, FMCG, and Media stocks led the decline amid renewed geopolitical tensions in the Middle East.
IDBI Bank shares rallied 4% on reports of revised financial bids from two foreign bidders for stake sale, while Biocon gained 3% after Mylan Inc. planned to exit via a block deal.
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Arnab Goswami
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