Sensex falls 700 pts, Nifty near 22,550: Rising crude prices among key factors behind market decline
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Sensex fell 712.74 points and Nifty dropped to 22,562.85 on October 28.
- ✓Markets opened lower as rising crude prices and selling in IT shares hit investor sentiment.
- ✓Analysts said, "After the recent pressure, the 22,500 level will be an important support to watch." Many sectors saw losses during the morning trade.
Story at a Glance
- Category
- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
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Benchmark indices Sensex and Nifty saw a gap-down opening on October 28 by declining up to 0.9% lower due to various reasons, including rising crude prices.
At 9:20 am, the Sensex was down 712.74 points or 0.97% at 72,885.93, and the Nifty was down 186.90 points or 0.82% at 22,562.85. About 1,100 shares advanced, 1,540 shares declined, and 145 shares were unchanged.
Thirteen of the 16 major sectors logged losses.
Key factors behind market decline
1) Rising crude prices
Oil prices climbed 1.6% to $115.7 a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy supply disruptions and inflation.
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