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BSE sensex down due to rising oil prices

The equities plunged today extending a worldwide global trounce that occurred due to the rising prices of crude oil. The shares that were affected the worst due to the price rise were real estate, auto shares and banking. During the opening slot the Bombay Stock Exchange or the BSE was down by 505 points which is a low of about 3.5% at 13,917.02.

The major losers for Sensex were Tata Motors which was down by 5.81%, Wipro down by 7.91%, Ambuja Cements by 4.91%, HDFC by 4.61%, Mahindra and Mahindra were down by 4.81%, Reliance Infrastructure was down by 4.77%, DLF by 4.41% and Jaiprakash Associates went down by 4.82%. There had been no gainers for the 30 share index also. There were 947 declines which outnumbered the 155 advances on BSE leading to an extremely weak market breadth. Meanwhile the National Stock Exchange had Nifty going lower by 147 points at about 3.41% with 4168.70 points

The sudden downfall has been triggered by the US markets that are tanking and crude oil prices are about 140 dollars. The Nifty is expected to fall about 200 points more in the opening market and also threatens to go lower than the 4093 low point which it had reached on Wednesday. The average investor is suggested to avoid the market at this point of time while the day traders should look for long opportunities after the initial havoc. With inflation hikes being important the market will not be waiting long for introduction of a formal note on the same and the stocks will start falling further.

The US market also fell sharply as crude reached new highs and US brokers were advised on selling blue chips. The Dow Jones Indus average fell to 3.03%, NASDAQ Composite Index by 3.33% and Standards & Poor’s 500 Index fell about 2.94%. The Asian markets also saw stocks plunging after Wall Street and the oil prices shooting up. The leading decline companies were Sony, Samsung Electronics and Honda Motor. The Strait Times fell by about 1.45%, Nikkei 225 by 2.24% and Hang Seng by 2.09%. With the inflation data waiting to be announced and expected to reach a 13 year all time high with 11.18% chances of further downfall are there. Rise in fuel prices just add to the equities getting worse today with no hope of improvement as of now.

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