Sensex, Nifty tumble 571 points as oil spike raises inflation concerns

The barometer settled at 57,292.49, down by 571.44 points or 0.99 per cent. The index had rallied over 2,000 points in the previous two sessions.

Mumbai: Reversing its early gains, benchmark BSE Sensex plunged by 571 points or nearly 1 per cent at close on Monday following losses in banking, oil, FMCG and IT stocks as surging oil prices played spoilsport amid prolonged Russia-Ukraine war.

The 30-share Sensex opened higher and rose over 260 points to touch the day's high of 58,127.95. However, losses in banking, oil and FMCG stocks dragged the index down by 634 points to touch a low of 57,229.08.

The barometer settled at 57,292.49, down by 571.44 points or 0.99 per cent. The index had rallied over 2,000 points in the previous two sessions.

The broader NSE Nifty declined by 169.45 points or 0.98 per cent to finish at 17,117.60 after rallying over 620 points in the past two sessions. It touched a high of 17,353.35 points and a low of 17,096.40 in the day trade.

Among Sensex constituents, Power Grid fell the most by 2.93 per cent, followed by Asian Paints (2.85 per cent), UltraTech Cement (2.81 per cent), Nestle (2.49 per cent), Kotak Bank (2.42 per cent) Hindustan Unilever (2.41 per cent) and HCL Technologies (2.32 per cent).