Sensex tanks 806 points, Nifty ends at 10599, on surging crude oil prices, falling rupee

Sensex, ONGC, Rs 44,928 crore, market capitalisation,

The BSE Sensex and NSE’s Nifty 50 plunged over 2% as crude oil prices surged and in anticipation of a rate hike by the US Federal Reserve. The Sensex closed 806.47 points, or 2.24%, lower at 35,169.16, while the Nifty50 fell 259 points, or 2.39%, to close at 10,599.25. In intraday trade, the Sensex plunged 953 points and the Nifty 50 tanked 311 points.

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Shares of oil marketing companies—HPCL, BPCL and Indian Oil—fell between 10% to 12% after finance minister Arun Jaitley asked the companies to absorb Rs 1 cut on fuel prices. ICICI Bank shares rose over 4% after the bank disclosed that Chanda Kochhar stepped down as CEO and MD of the bank.

Oil prices eased from four-year highs after reports that Russia and Saudi Arabia struck a private deal in September to raise crude output.

The rupee opened at an all-time low of 73.68 a dollar, down 0.46% from its Wednesday’s close of 73.34 and touched a fresh low of 73.77.

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