Sensex, Nifty slide 3% as oil crash drains global risk appetite [Reuters]
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Source: Reuters
Sensex, Nifty slide 3% as oil crash drains global risk appetite BENGALURU (Reuters) - Indian shares closed more than 3% lower on Tuesday, as a historic plunge in U.S. oil prices due to a collapse in demand underscored the coronavirus pandemic’s threat to the global economy. The Nifty closed 3.03% lower at 8,981.45, while the Sensex ended down 3.2% at 30,636.71. U.S. oil futures traded in negative territory on Tuesday, after plunging below zero for the first time in the previous session, on concerns that the sector will run out of storage for a glut caused by the coronavirus lockdown. India, one of the world’s top importers of oil, tends to benefit from lower oil prices, but Monday’s crash spooked investors as it reflected the extent of the damage the coronavirus had on the global economy, analysts said. “The terms of trade are decisively favouring crude oil importers, but the demand destruction due to the extended lockdown and worries about the effect of a staggered opening on aggrega
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