Crude Oil Price Surge Sinks Mumbai's Sensex and Nifty

Mumbai's benchmark indices, Sensex and Nifty, closed lower on Tuesday due to rising crude oil prices. The 30-share BSE Sensex dropped 388.19 points, or 0.49 per cent, to settle at 78,154.25. During the day, it tanked 494.18 points, or 0.62 per cent, to 78,048.26.

The 50-share NSE Nifty declined 112.10 points, or 0.46 per cent, to end at 24,471.70. Major laggards included UltraTech Cement, Axis Bank, InterGlobe Aviation, Bharti Airtel, Bajaj Finance and Power Grid.

Brent crude, the global oil benchmark, jumped 2.18 per cent to USD 89.63 per barrel. Analysts attributed the decline in indices to a rebound in crude oil prices and volatility associated with the weekly F&O expiry.