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Sensex sinks 876 points , Nifty falls 1 . 11 % as Crude oil nears USD 109

The Nifty 50 closed down 257.20 points (1.11%) at 22,888.95 and the BSE Sensex fell 876.37 points (1.17%) to 73,852.90 on Monday, as weakness in private banks, disappointing earnings and rising crude prices hit sentiment. Almost all NSE sectoral indices closed lower, with only the Nifty PSU Bank index rising 2.41%. Axis Bank fell more than 4%, while SBI, JSW Steel, Eicher Motors and Adani Ports led the gainers. Brent crude traded at USD 108.50 per barrel, raising concerns about imported inflation, while the rupee rose for a seventh straight session to around 94.95 per dollar. However, RBI reserves fell USD 8.6 billion to USD 726 billion in the week ended October 9, a drawdown of nearly USD 60 billion since early September, and analysts said markets could stay volatile.

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