Markets snap two-day rise on crude concerns

Escalating tensions in the Middle East have pushed crude oil prices higher, which have dampened sentiments across the world. Investors turned cautious and booked profits owing to global weakness. Markets traded in a narrow range with a negative bias. Rising crude oil prices raised concerns of inflation and rate hike; which further put pressure on the markets. The Nifty closed below the 5500 mark. It was a dull day for the markets with no respite till the close.Weak global cues dragged the Sensex lower by 39 points at 18431 in the opening trade. The index extended losses to hit the day’s low of 18261 in early trade. The Sensex remained rangebound and hit the day’s high of 18431 in afternoon session. Finally, the Sensex closed at 18328, down by 142 points and the Nifty fell 37 points to settle at 5494.