Sensex closes 555 points down

Mumbai: Indian benchmark indices closed lower on Tuesday, weighed down by rising crude oil prices as Brent crude neared the USD 100 per barrel mark amid escalating tensions in West Asia and also weekly expiry of Nifty 50 index.

The BSE Sensex closed at 75,577.58, down 555.23 points, or 0.73 per cent, while the Nifty 50 index settled at 23,635.10, declining 144.05 points, or 0.61 per cent.Investor sentiment remained cautious across Asian markets as higher crude oil prices raised concerns over their impact on inflation and corporate earnings.

Crude prices surged as Saudi Arabia’s Energy Ministry stated that multiple energy facilities and installations in the southern province of the kingdom came under attack on Tuesday morning, leading to reported injuries.Brent crude prices surged more than 2 per cent and were trading at around USD 99 per barrel at the time of reporting.Vinod Nair, Head of Research, Geojit Investments Limited, said the sharp rally in mid- and small-cap stocks could become difficult to sustain as crude oil prices have breached USD 100 per barrel.