Libya unrest continued to haunt the markets leading to a spike in crude oil prices to $102 per barrel, up more than 7.5% to its highest since August 2008. Crude oil is far more important to the economy and a surge in its prices will impact the country's growth leading to a rise in inflation. Jittery investors continued with its selling spree on the day of February F&O derivatives contracts expiry, making the situation more worse in trade today. Persisting geopolitical tensions, further rise in crude prices and rollover pressures led the Sensex to fall below the 18000 mark and the Nifty below the 5300 mark. Markets recorded an all-time high turnover today.The Sensex crashed 546 points to close at 17632 and the Nifty tumbled 175 points to settle at 5263.
No comments:
Post a Comment