In Equity benchmarks plunged 1.5 percent in afternoon intraday trade on
escalation of the crisis in Iraq. The International Energy Agency says provided
the conflict does not spread to the south, Iraqi oil supply is not at risk. The
Sensex fell 365.48 points to 25210.73 and the Nifty lost 114.80 points to
7535.10 while the BSE Midcap and Small cap indices dropped 2.5 percent and 3
percent, respectively.
More than three shares declined for every share advancing on
the BSE.
Hindalco Industries, NTPC, Tata Steel, Axis Bank, Hero Motocorp, DLF
and BPCL topped the buying list, falling 3-8 percent while Dr Reddy's Labs,
Infosys, Sun Pharma, HDFC, M&M, HCL Technologies, Tech Mahindra and ITC
bucked the trend.
The Indian rupee fell 37 paise to 59.62 a dollar
amidst weak risk appetite and as foreign banks bought dollars. More
importantly, oil importers are expected to rush to buy dollars today in
anticipation of further rise in Brent prices.
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