Indian equity markets ended sharply lower on Friday, October 23, erasing a strong opening as a surge in global crude oil prices triggered broad-based selling. The BSE Sensex closed 641.74 points, or 0.88 per cent, lower at 72,607.65, while the NSE Nifty 50 slipped below the 22,400 mark, according to closing reports.

Source: MarketsMojo

The reversal was steep. The Sensex had opened higher at 73,665.64 and climbed in early trade, but fell about 1,279 points from its day's high of around 73,761 to an intraday low near 72,487. The Nifty touched a low of 22,407 after hitting a high of 22,787, with HDFC Bank and Reliance among the heavyweights dragging the index down.

Source: Upstox

Market breadth was heavily negative. On the BSE, 3,598 stocks declined against just 580 advances out of 4,379 traded, and as many as 645 stocks hit 52-week lows compared with only 52 at 52-week highs. Metals were the worst hit, with Tata Steel plunging 4.97 per cent to Rs 163.76, while information technology was the only sector in positive territory and Eternal led the few gainers, rising 2.38 per cent.

Source: The Hindu BusinessLine

Crude at a five-month high

Traders linked the sell-off to Brent crude futures surging about 1.35 per cent to $114.70 a barrel, their highest since May, amid fears of energy supply disruption after Houthi attacks linked to Saudi Arabia. In plain terms — yaani — costlier crude means costlier imports for India, which pressures the rupee, fuels inflation worries and squeezes company margins. Asian markets also traded lower, and Friday marked a fourth straight losing session for the Indian benchmarks, down about 3 per cent over that stretch.