Published on 16/09/2019 4:14:20 PM | Source: Reuters

Indian shares end lower as oil prices soar after Saudi attack

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU - Indian shares closed lower on Monday, as soaring oil prices after an attack on Saudi Arabian oil facilities over the weekend dented sentiment.

The broader NSE Nifty closed down 0.65% at 11,003.5, while the benchmark BSE Sensex ended 0.70% lower at 37,123.31. The rupee was weaker by 0.88% at 71.52 against the dollar by 1014 GMT.

Oil prices surged nearly 20% at one point on Monday, but prices came off their peaks after U.S. President Donald Trump authorised the use of his country's emergency stockpile to ensure stable supply.

Higher oil prices tend to sour investor sentiment in emerging markets like India, which is the world's third-biggest importer of oil.

Oil marketing firm Bharat Petroleum Corporation Ltd closed down 7% and saw its worst session in nearly one year. The stock was the biggest loser on the NSE Nifty.

Auto and finance stocks also contributed to losses, with Mahindra and Mahindra Ltd and State Bank of India sliding 2.6% and 2.4%, respectively.

(Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)