Sensex slips 500 points, Nifty below 9000

The domestic stock markets ticked lower on Monday amid weak global cues and the buzz of a lockdown extension beyond April 14.

S&P BSE Sensex fell over 500 points after opening in the red, the 50-stock Nifty too followed the same path falling below the 9,000 mark.

Meanwhile, Oil prices rallied after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

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US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent to $33.08 a barrel.

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.