Rising crude oil prices fuel market fall

Sensex sinks 360 points; companies across sectors likely to see margin pressure

Surging global crude oil prices triggered a huge sell-off in domestic equities and bonds on Tuesday. Brent crude oil spot prices surged 3.5 per cent to $64.2 a barrel, the most since June 2015, amid a major political shake-up in Saudi Arabia, the world’s largest oil producer. 

The benchmark Sensex fell 1.1 per cent, or 360 points, to close at 33,371, while the National Stock Exchange’s Nifty 50 declined 102 points, or 0.98 per cent, to 10,350. Both the indices fell the most in nearly six weeks. The yield on the benchmark 10-year government security hit a six-month high of