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Markets end in red as energy stocks fall
Sensex down 71 pts; Nifty ends low at 11,699.65
Mumbai: Benchmark indices Sensex and Nifty closed in the red for a second session in a row on Monday, with oil and gas counters coming under immense selling pressure due to ongoing tensions between the US and Iran.
In a volatile session, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96. The index hit an intra-day low of 39,021.70 and a high of 39,300.02.
Similarly, the broader NSE Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65. During the day, the index touched a low of 11,670.20 and a high of 11,754.
Other than oil and gas stocks, metal and auto sector stocks took the beating as uncertainty over any progress in US-China trade talks kept investors edgy.
Sectorally, BSE oil and gas, metal, energy, realty, basic materials, utilities and telecom indices settled up to 1.59 per cent lower. Broader BSE midcap and smallcap indices too fell up to 0.32 per cent.
On the currency front, the Indian rupee appreciated by 23 paise to close at 69.35 against the US dollar on Monday. The stand-off between the US and Iran has led to a massive spike in oil prices in the past few days.
Meanwhile, Brent crude futures, the global oil benchmark, rose 0.16 per cent to $64.55 per barrel.
The US on Monday was due to tighten sanctions on Iran as the two countries traded barbs in a tense standoff sparked by Washington's withdrawal from a nuclear deal.
Investors are keeping eyes on other factors like the outcome of the G-20 bilateral and trilateral meetings, monsoon progress and upcoming Union Budget for future market direction, analysts said.
