Business

Sensex, Nifty trade lower over sharp rise in crude oil prices

Agency | January 10, 2019 02:45 PM

MUMBAI: Sensex and Nifty traded lower during the afternoon session of the trade on Thursday over a sharp rise in crude oil prices and decline in financial stocks.

Brent crude futures on Thursday surpassed the $60-a-barrel mark.

Also, investors awaited Q3 corporate results, set to start on Thursday, and more clarity regarding US-China trade talks.

The weekly report released on Wednesday by the Energy Information Administration showed that US crude oil inventories decreased during last week, Anuj Gupta of Angel Brooking told IANS.

Gupta added that the rise in price was positive for crude as crude prices had seen volatility in recent months because of the imbalance demand-supply ratio.

He, however, added that crude price rise will have an adverse affect on the Indian rupee.

In addition, the supply cut by OPEC and other major oil producers came into affect from January 1.

Lately, excess US oil has pushed down prices.

Accordingly, the Indian currency weakened to Rs 70.57 per dollar from its previous close of 70.46.

At 1.57 p.m., the BSE Sensex traded 80.69 points or 0.22 per cent lower to touch 36,132.22.

It opened at 36,258 on Thursday from its previous close of 36,212.91 on Wednesday.

The benchmark index, however, traded in a short range, touching an intra-day high of 36,269.31 and a low of 36,091.05.

The broader Nifty50 declined 35.75 points, or 0.33 per cent, to 10,819.40.

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