India’s benchmark Sensex fell 274 points on Wednesday tracking a continued sell-off in US equities amid concerns about global slowdown.
The losses could have been steeper but for a decline in international crude oil price, and as financials held on to gains.
The Asian markets were mixed post a heavy sell-off in the US markets.
Selling pressure was witnessed in the IT counters, which fell close to 3 per cent, followed by Teck (technology, entertainment and media) and energy stocks.
The Sensex settled down 274.71 points or 0.77 per cent at 35,119.80, from its previous close of 35,474.51.
The Nifty50 lost 56.15 points or 0.53 per cent to finish at 10,600.05.
“Crude oil prices are falling as US inventories rose last week. US inventories are at their highest level since 2015. Crude oil remains under pressure amid expectations of slowing global demand,” Anuj Gupta, Deputy Vice President – Research – Commodities and Forex, Angel Broking, told IANS.
“The Brent crude is trading at $63.58 per barrel and is expected to decline further.”