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Sensex Opens Lower As Falling Crude Price Spooks Global Markets


Benchmark indices opened the day lower once again, as US markets fell sharply after a sharp dip in crude oil prices.

Most Asian markets followed US markets lower, with the Shanghai Composite and the Hong Kong's Hang Sang seeing the deepest cuts in trade.

The Sensex was trading with losses of 60 points, while the Nifty was down 16 points in trade. Leading the set of losers were Adani Ports and HDFC. Tata Motors was the early gainer, ralling one per cent.

Sensex Opens Lower As Falling Crude Price Spooks Global Markets
Banking stocks were having a quiet session in trade, though early losers were Yes Bank and HDFC Bank. ITC, which had crashed a huge 7 per cent in trade on Monday, following worries over the huge tax recommendation in the GST Bill, was up one per cent in trade.

TCS, which had hit a 52-week low on Monday, saw some buying interest and was marginally up. There were reports that the company had bagged orders from IDFC Bank for its core banking software.

Shares in Essar Oil dropped after the company announced a delisting offer of Rs 146.05, which was at a steep discount to the currenct market price.

Cairn India fell after a sharp slump in crude oil prices. Meanwhile, the rupee was trading at 66.82 to the US dollar, a drop over Monday's close.

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