Zee Media Bureau
Mumbai: The S&P BSE benchmark Sensex fell by over 800 points to head towards its biggest daily fall in since 2013 while Nifty edged down by 200 points.
The Sensex fell amidst all-round selling from operators following sharp fall in Asian markets and overnight steep fall in US bourses as oil prices continue its sustained fall.
Oil edged up on Tuesday, steadying after a 5 percent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
Worries about surplus oil supplies were fuelled by data showing output in Russia hit a post-Soviet-era high in 2014 and exports from OPEC`s second largest producer, Iraq, were the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe-haven bonds.
Earlier in the day, the Nifty January futures contract fell as much as 5 percent to 8,000 points, which multiple dealers attributed to an unusual trade relative to where the contracts were trading at.
The quarterly earnings season kick-starting with Infosys' results on Jan. 9, the RBI's rate decision and the budget in February are seen as next key triggers.
Blue-chips led losses. ICICI Bank lost 3.3 percent, while Infosys fell 1.8 percent
Oil explorers declined tracking the fall in U.S. crude oil below $50 per barrel. Reliance Industries fell 2.7 percent, while Oil and Natural Gas Corp slumped 3.8 percent.
With Agency Inputs
