Markets tank in post noon session on crude worries

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, February 27, 2012, 13:03 [IST]

Markets tanked in post noon trading today, on profit booking and lingering fears that rising crude would derail India's macro economic story.

The BSE Sensex slid 343 points to trade at 17,579 points at 12: 25 pm IST. The Nifty lost 109 points and was trading at 5319 points.

In fact, the markets opened the day in the green and soon slid into the red. Amongst the losers in the noon session included Sesa Goa, BHEL, IDFC, Jindal Steel and Tata Steel.

Marketmen continue to be worried over the implications of rising crude on the Indian economy. The government is already running a huge subsidy bill on account of crude, putting an impact on the fiscal and current account deficit of the country.

Oil has now reached a 10-month high and is showing no signs of retreating on mounting fears of Iranian crude supply. In the last week itself, Brent crude climbed by 3.5%.

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