Published On: Tue, Jan 6th, 2015

Sensex tanks over 500 points, Nifty below 8250; oil prices drags

Sensex tanks over 500 points, Nifty below 8250; oil drags

The market has opened with massive losses. The Sensex is at 27351, down 498

points while the Nifty is 8236, down 137 points. About 231 shares have advanced, 909 shares declined, and 478 shares are unchanged.

Oil stocks are dragging with major losers like GAIL, ONGC and Cairn India. Nymex crude dropped over 5 percent to USD 50 a barrel, while Brent crude tumbled towards USD 53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks.

Tata Motors, Tata Power and Hindalco are other losers in the Sensex.

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