The equity indices were on a weak note during the early hours this Monday as global oil prices surged to a four-month high after a strike on the world’s biggest oil facility in Saudi Arabia as it removed about 5% of global supplies
At 10:15 AM S&P BSE Sensex dipped 246 points to 37,160 levels. Asian Paints, YES Bank, Reliance Industries, Tata Steel, and Tata Motors were the top losers in the Sensex pack. The broader Nifty50 hovered near 11,000 levels, down 68 points.
Most of the Nifty sectoral indices traded in the red. While Nifty IT index gained 0.6% after the Rupee opened 1% lowered against the US dollar, Nifty Auto, Nifty Bank, and Nifty Private Bank indexes were all down 0.8%
In the broader market, the S&P BSE MidCap index slumped 23 points to 13,640 levels, while the S&P BSE SmallCap index was flat at 13,000 levels.