Domestic market has taken a sharp downturn on spiking oil prices. The NSE Nifty closed at 5367.5 down 79.25 points or 1.46% and BSE Sensex ended at 17878.81 down 271.06 points or 1.49%. Most analysts were watching crude oil movements carefully thinking that crude will bounce back with renewed energy and hurt market sentiments. Looking at the losses marked by the indices, it seems that analysts had rightly expressed concerns over this issue.
Dipan Mehta, Member, BSE and NSE, said that it is a highly uncertain period of crude oil prices and if oil rates continue to take a high jump, then the market will trade in a tight range.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
