Markets in dump as crude oil spike jitters global bourses

Tuesday, February 22, 2011

MUMBAI - Indian equities markets Tuesday were ruling weak as the global prices of crude spiked following protests in Libya and Bahrain, making traders nervous and resulting in a selling spree in some markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,390.72 points, was ruling at 18,405.65 points, down 32.66 points or 0.18 percent from its previous close at 18,438.31 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was trading 0.29 percent lower at 5,502.45 points.

Broader markets were also in the red, with the BSE midcap index down 0.23 percent and the BSE small cap index trading 0.1 percent lower.

Auto, banking and capital goods stocks were in the red, while energy and realty scrips saw some buys.

The market breadth was negative, with 868 stocks advancing compared to 1,259 scrips on the decline. A total of 81 stocks remained unchanged.

Among gainers on the 30-scrip Sensex were RIL, Wipro, Sterlite Industries and Reliance Communications, while the losers included Hero Honda, M&M, Maruti Suzuki and Tata Motors.

Asian markets too were ruling lower, weighed down by the tensions in the Middle East.

Hong Kong’s Hang Seng was ruling 1.92 percent down at 23,033.55 points, while the Japanese Nikkei fell 1.77 percent to close at 10,665.46 points.

Chinese markets too joined the global slump, with a benchmark index, the Shanghai Composite index, slipping 2.09 percent to rule at 2,871.05 points.

A bloody crackdown by Libyan leader Muammar Gaddafi’s security forces has left nearly 200 protesters dead as the military reportedly launched an airstrike on the capital Tripoli Monday.

Anti-government protests have spread across Libya, and according to some news reports, the agitators have taken control of some key regions in Libya which house substantial oil reserves. The news sent benchmark brent crude oil soaring to above $105 a barrel.

Bahrain too saw protests with people asking for a regime change.

Filed under: Economy

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