Sensex, Nifty drop over 1%; falling rupee, rising oil prices blamed

WION Web Team New Delhi, Delhi, India Oct 17, 2018, 03.36 PM(IST)

File photo. Photograph:( Zee News Network )

Indian markets closed in the red on Wednesday as the equity benchmark Sensex plunged 382.90 points — it closed over 800 points lower than the day's high — to end at 34,779.58.

The Nifty50 meanwhile fell 131.70 points to close at 10,453.05. 

The equity benchmark Sensex jumped 300 points on Wednesday morning with encouraging second-quarter earnings by tech major Infosys and positive global cues.

The shares ended more than one per cent lower on Wednesday, dragged by financial stocks such as Indiabulls Housing Finance Ltd and Yes Bank Ltd amid liquidity concerns.

Indian markets have been facing a liquidity crunch owing to a depreciating rupee and higher oil prices.

Indiabulls Housing ended 14.3 per cent lower and was the top percentage loser on the Nifty.

Reliance Industries Ltd dropped 1.1 per cent ahead of the company's September quarter earnings due later in the day.

(With inputs from agencies)