The Sensex and NSE’s Nifty 50 sank 1.5% on Wednesday, on a crashing rupee and surging crude oil prices. Investors were also cautious as the Reserve Bank of India’s Monetary Policy Committee began its three-day policy meet on Wednesday.
The Sensex ended 550.51 points lower at 35,975.63, while the Nifty50 fell 150.05 points, to close at 10,858.25 mainly due to losses in IT, auto and telecom stocks.
Oil traded above $85 a barrel and near a four-year high, supported by expectations that US sanctions on Iran will tighten supply.
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Moreover, growth of eight infrastructure sectors slowed down to 4.2% n August on account of decline in production of crude oil and fertiliser. The core sectors had expanded by 7.3% in July 2018, according to a PTI report.
The growth rate of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity was 4.4% in August 2017.
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