Crude prices collapse; Indian equities crash yet again

Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices, driving crude to its lowest level in four years.

At the time of filing this copy, the prices of Brent Crude Futures in the international markets, stood at $32.06 a barrel, down 29%.

The Indian equity markets also crashed yet again on Monday, as benchmark indices opened about 3% lower amid concerns over contagion over YES Bank collapse and slump in oil prices.

The BSE Sensex had crashed to 36,212.74, down 1,364 points (3.6%), at the time of filing this copy. The oil marketing company – ONGC – was the biggest loser on Sensex, crashing by more than 10%, followed by Reliance, Tata Steel and IndusInd Bank.

The overall breadth of the market is also heavily negative – with just 206 advances and 1,357 declines. About Rs 4 lakh crore of equity investors’ wealth was wiped off within minutes of trade.

On the other hand, the broader index, NSE Nifty has tanked by 375.10 points (3.41%) and was trading at 10,614.35, at time of filing this copy.