Sensex Slumps 650 Points, Nifty Down 1.7% Due to Surge in Crude Oil Prices And Weakness in Rupee Against US Dollar

Team Latestly

Mumbai, September 17: The BSE benchmark indices suffered sharp losses on Tuesday trade as fear of rising crude oil and weakness in the rupee against the US dollar affected the investor sentiment. Sensex slipped around 600 points and ended the day at 36,481.09, down 642 points. Nifty on the other hand settled at 10,817, down 1.7 percent. Donald Trump Says US Doesn’t Need Middle East Oil or Gas.

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Axis Bank, HCL Tech, HDFC, ICICI Bank, and Tech Mahindra were the top losers in the Sensex pack. Auto stocks like Hero Moto Corp, TataMotors, Maruti, Bajaj Auto suffered huge losses. The bank stocks were also battered in today's trade. The Indian rupee touched an intraday low of 71.97 and on Monday the Indian currency had plunged by 68 paise to 71.59 against the US dollar amid concerns over soaring crude prices.

Oil prices remained near 4-month highs today with the market remaining on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that halved the kingdom's output and prompted a price spike. Saudi Arabia is the world's top oil exporter and has been the supplier of last resort for decades. RBI governor Shaktikanta Das on Monday had said that India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack.

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