The BSE Sensex plunged 294.84 points to 37,290.67 and the NSE Nifty dropped 98.85 points to 11,278.90 in trade, on Tuesday. A spike in crude oil price puts strain on India’s import bill and weighs on the Indian rupee. Huge selling in PSU Bank, realty, metal and media stocks pulled the indices down.
Hindustan Unilever was the top performer on BSE scrip, while SBI was the worst index loser. Seven stocks ended higher against 24 stocks that shut shop lower.
On the NSE, shares of SBI Indiabulls-HF, Tata Motors, Hindustan Petroleum, BajajAuto were top losers, while HUL, Yes Bank, ONGC and Dr. Reddy’s were top gainers.
Dena Bank share price went up 19.75 percent, while Bank of Baroda tumbled 16.03 percent and Vijaya Bank dropped 5.69 percent Tuesday following merger announcement made by the govt on Monday. The amalgamation of the Bank is expected to cut the capital the govt needs to infuse into these banks and will create the India’s third-largest lender.