Sensex Plunges 1200 Points On Weak Global Cues, Negative Oil Price

Benchmark indices plunged in trade, taking cues from sharply lower global markets. Sentiments were adversely impacted on reports that US oil prices in the futures market in New York ended in the negative on Monday for the first time ever. The sharp fall came amidst worries of storing oil, which led to the US benchmark West Texas Intermediate for May delivery ending at -$37.63 a barrel.

In Asia, Hong Kong's Hang Sang fell 2.33 per cent while South Korea's Kospi dropped 2 per cent.

Europe was tradign with losses of more than 2 per cent.

The Sensex was trading with losses of 1200 points, while the Nifty plunged 324 points in trade. Shares in Infosys, which declared a good set of numbers fell, and was down 2 per cent. Banking shares were also seeing selling pressure with ICICI Bank falling and Axis Bank falling for a second day in a row. IndusInd Bank was down 12 per cent and was the top loser from the Nifty. Axis Bank as down almost 9 per cent in trade.

Shares in L&T was down by 3 per cent. The Engineering and construction giant Larsen & Toubro said it has raised Rs 1,250 crore through non-convertible debentures (NCDs).

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