Sensex Cuts Losses, Still Down 1,300 Points, Rupee Dives To Historic Low

Benchmark indices fell sharply for the second day in a row as crude oil surged to $130 a barrel and the rupee dived to a record low of 76.96 against the dollar.

The Sensex, which was down as much as 1,700 points, pared losses and was down just 1,300 points. Some buying was seen at lower levels in the stocks of HDFC, though HDFC Bank, ICICI Bank, continued to see sharp knocks of more than 4 per cent.

Among the top losers from the Nifty pack were Axis Bank, Bajaj Finserv, Maruti Suzuki and IndusInd Bank.

Bourses in Hong Kong, Shanghai and Tokyo were trading significantly lower in mid-session deals. Stock exchanges in the US closed in the negative zone on Friday. Meanwhile, international oil benchmark Brent crude surged 8.84 per cent to USD 128.6 a barrel. Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data. "This week's focus will be on the Russia-Ukraine conflict and its impact on oil prices. On the home front, investors will be watching the outcome of the state elections in five states on March 10," according to Mohit Nigam, Head - PMS, Hem Securities.

With inputs from PTI