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Sensex ends lower at 3-wk-low of 38,564.88 pts on 3rd day in row

4/23/2019

Mumbai, Extending losses for the third straight session on Tuesday, the BSE Sensex fell by 80.30 points to end volatile session at a three-week-low of 38,564.88 due to persistent sell-off in Telecom, Auto, Power, Realty and Finance stocks amid boiling oil prices after United States warned of sanctions on all buyers of Iranian oil. The Nifty of National Stock Exchange (NSE) too declined by 18.50 points to 11,575.95. The Sensex, which had plummeted by 495.10 points on Monday, edged higher by 126 points to 38,771.27 in the morning trade. It increased by 187 points to touch day's high of 38,832.61 in intra day, only to pare early gains and slid by 127 poitns to hit day's low of 38,518.26 before closing negative at 38,564.88, down by 80.30 points versus its last close. The selling in sectoral indices like Telecom, Utilities, Auto, Power, Realty and Finance dragged the market down for the third consecutive day today, along with scrips of Maruti Suzuki, Yes Bank, IndusInd Bank, Tata Steel and HeroMoto Corp. While, buying in ONGC, Sun Pharma, Bajaj Finance and Reliance Industries capped its further decline, brokers informed. The broader markets ended on a mixed note, as the S&P BSE Mid-Cap index went up 0.03 per cent while the Small-Cap index shed by 0.13 pc. Elsewhere in Asia, most stock markets fell Tuesday as oil prices surged to nearly six-month-high after the US threatened to impose sanctions on all buyers of Iranian oil. The Trump administration said on Monday that it would no longer exempt any countries from US sanctions if they continue to buy oil from Iran. The deadline expires on May 2. The administration had granted eight waivers when it reimposed sanctions on Iran in November.Asian countries, namely China, India, Japan and South Korea, are major importers of Iranian oil.

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