Saudi Arabia Oil shock: Sensex loses 642 points

17 Sep 2019 08:06 PM

Saudi Arabia Oil shock: Sensex loses 642 points

Updated 17 Sep 2019 08:06 PM

Indian equities plunged on Tuesday after the weekend attacks on Saudi Arabias oil facilities resulted in the suspension of nearly 6 per cent of the worlds crude production, sending shock waves across global financial markets.

Heightened nervousness was evident on Dalal Street from the sharp jump in the 'fear index' -- 'India VIX' -- which closed nearly 7 per cent higher.

The sharp sell-off that followed the jump in oil prices, resulted in the Sensex losing 642.22 points, or 1.73 per cent, to 36,481.09. The broader Nifty finished at 10,817.60, down 185.90 points.

The auto sector, already in the grip of a major sales downturn, lost the most on the exchanges. Hero MotoCorp, Tata Motors, Maruti Suzuki India and Bharat Forge Ltd fell in the range of 4 to 7 per cent. Subsequently, the Nifty Auto index finished nearly 4 per cent lower.

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