Mumbai, Sep 11 (PTI) Benchmark indices Sensex and Nifty tumbled in early trade on Friday on soaring crude oil prices amid escalating tensions in West Asia.
Weak trends in global markets and foreign fund outflows also dented investors’ sentiment.
The 30-share BSE Sensex fell 628.24 points to 74,257.69 in early trade. The 50-share NSE Nifty dropped 221.20 points to 23,255.10.
Among the 30 Sensex firms, Bajaj Finance, InterGlobe Aviation, Mahindra & Mahindra, Tata Steel, UltraTech Cement and Axis Bank were the major laggards.
Tech Mahindra, HCL Tech, Infosys, Bharti Airtel and ITC were the gainers.
Brent crude, the global oil benchmark, traded 0.95 per cent higher at USD 108.7 per barrel.
“Brent crude has climbed to its highest level since May as the ongoing US-Iran conflict continues to disrupt oil flows from the Middle East. For India, crude near USD 110 a barrel would further intensify pressure on inflation, the rupee, the current account and corporate margins, while reducing the scope for monetary easing,” Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
Global markets are trading lower as elevated oil prices intensify concerns over inflation and the interest-rate outlook, he added.
