The Sensex and Nifty ended sharply lower in trades on Tuesday on the back of profit-booking after yesterday’s over 550 point rally. For the most part of the day, the Sensex and Nifty reeled under the selling pressure. But, the selling intensified in the late noon deals with PSU banking, oil & gas and capital goods stocks falling the most. Oil & gas shares came under heavy selling tracking over 6 per cent jump in Brent crude prices. Analysts expect global crude prices to move higher after Saudi Arabia and Russia - the world’s two largest crude producers - agreed to freeze output after talks in Qatar. Shares of state-run refiners such as Indian Oil Corp, HPCL and BPCL fell between 4 and 6 per cent on fears that higher global crude oil prices will impact their profitability. The broader markets also witnessed selling pressure. The BSE mid-cap index fell 2.4 per cent and the small-cap index slumped 2.25 per cent.
From the Nifty-50 basket of stocks, 43 stocks declined while 7 stocks advanced.
State Bank of India, Bank of Baroda and Punjab National Bank were among the top losers in the Nifty down 5-7 per cent each. Larsen & Toubro, ICICI Bank, Hindalco, Idea Cellular, Vedanta, BHEL, Sun Pharma, Lupin, ITC, Reliance Industries and Yes Bank also ended on a weak note. The Sensex finally closed 362 points lower at 23,192 and Nifty declined 115 points to settle at 7,048.