Sensex Plunges Over 900 Points After US Crude Oil Prices Crash To A Historic Low

Sensex opened 916.33 points, or 2.90 per cent, lower at 30,731.67, while the Nifty 50 index dropped 263.40 points, or 2.84 per cent, to 8,998.45 in opening deals.

New Delhi, April 21: Indian equity markets took a severe beating on Tuesday as the benchmark Sensex opened 916.33 points, or 2.90 per cent, lower at 30,731.67, while the Nifty 50 index dropped 263.40 points to 8,998.45 in opening deals after the US oil prices plummeted to an all time historic low on the back of tepid demand amid COVID-19 crisis. The announcement by US President Donald Trump’s to temporarily suspend immigration into the US impacted the market sentiments. Meanwhile, Wall Street's major averages also fell sharply on Monday as the market was taken for a shock with a historic drop in US crude prices. Dow Jones Industrial Average plunged 592.05 points, or 2.44 per cent, to 23,650.44. The S&P 500 has slipped 51.40 points, or 1.79 per cent, to 2,823.16. The Nasdaq Composite Index decreased 89.41 points, or 1.03 per cent, to 8,560.73, Xinhua reported. The major 11 stocks in S&P 500 sectors closed lower, with utilities and real estate falling 3.89 per cent and 3.74 per cent, respectively, making them the worst-performing groups. Energy shares were also under pressure with the sector closing down 3.29 per cent, after a nosedive in oil prices on demand shock and a supply glut. West Texas Intermediate (WTI), the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets. After the oil crashed to a historic low on Monday, Futures for May delivery of West Texas Intermediate went up nearly $39 but were still just $1.76 a barrel. Asian stocks tracked global peers to open lower in the opening session on Tuesday. Australia’s S&P/ASX 200 Index fell 1.1% per cent. South Korea’s Kospi index fell 0.7 per cent after worries over Kim Jong-un's health. Hong Kong’s Hang Seng Index contracts lost 0.8 per cent. (With inputs from agencies)