Market LIVE: Sensex cracks 950 pts, Nifty below 9,000; crude oil prices crash to record low on scant storage

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Out of all 30 stocks that constitute S&P BSE Sensex, 29 shares were trading in a deep sea of red with Bajaj Finance as the top loser, down 6.24 per cent, followed by IndusInd Bank, ONGC and Tata Stee

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading sharply lower on Tuesday as crude oil price hit a record low and turned negative on weak demand and scant storage. The 30-share Sensex was trading 775 points or 2.44 per cent lower at Rs 30,875, while the broader Nifty 50 fell 225 points or 2.43 per cent to 9,036. Out of all 30 stocks that constitute S&P BSE Sensex, 29 shares were trading in a deep sea of red with Bajaj Finance as the top loser, down 6.24 per cent, followed by IndusInd Bank, ONGC and Tata Steel. Only Sun Pharma shares gained ground in an otherwise weak market with a gain of 0.55 per cent. Barring Nifty Pharma, all the sectoral indices were trading in negative territory. The Nifty Metal index was down nearly 5 per cent dragged by Hindalco Industries, Jindal Steel and Vedanta. On the other hand, Nifty Pharma index was up, led by gains in Aurobindo Pharma, Cadila Healthcare and Lupin.

The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.

Courtesy : Financial Express