Sensex, Nifty bleed on Europe correction, Brent below $36/bbl

Equity benchmarks extended losses in afternoon trade following sharp correction in European peers after crude oil prices hit multi-year lows. The Sensex fell 162.44 points to 25417.90 and the Nifty declined 47.60 points to 7739.80.

European markets opened lower as geopolitical risks posed by North Korea’s latest nuclear test and geopolitical tensions in the Middle East increase uncertainty. FTSE, CAC and DAX fell around a percent. North Korea announced the test following reports of a 5.1 magnitude earthquake near a nuclear testing site in the politically-isolated country.

North Korea’s state-owned television station later confirmed that the country had conducted a test and said that it won’t give up nuclear capability unless U.S. drops its hostile foreign policy towards the country.

Oil prices gave up gains, hitting 11-year low. Brent crude was trading at 35.7 a barrel (the lowest level since July 2004), down 1.7 percent.

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Posted in: Indian Market Tips