Nifty, Sensex fall nearly 1% on spike in crude oil prices; Bajaj Finance slips 3%

• Bajaj Finance fell by nearly 3%, the most among the 30 frontline companies.
• Tata Motors, Sun Pharma, Maruti and Mahindra & Mahindra were the gainers.
• Global oil benchmark Brent crude has jumped 3.3% to USD 92.92 a barrel.

India's benchmark indices, the Nifty and the Sensex ended sharply in the red on Wednesday. The Nifty Bank ended over 500 points lower but the Nifty Pharma index outperformed. A sharp jump in global crude oil prices and sluggish global market trends were seen as the key reason for the fall. Selling pressure in banking, financial services and energy stocks also pulled the benchmarks lower, traders said.

After a day's breather, the 30-share BSE Sensex plunged 551.07 points or 0.83% to settle at 65,877.02. During the day, it fell 585.99 points or 0.88% to 65,842.10. The Nifty declined 140.40 points or 0.71% to 19,671.10. The Nifty Bank fell 1.1% to close at 43,888.

Among the Sensex firms, Bajaj Finance fell by nearly 3%, the most among the 30 frontline companies. Bajaj Finserv, Axis Bank, HDFC Bank, Reliance Industries, NTPC, ICICI Bank and IndusInd Bank were the other major laggards.

In contrast, Tata Motors, Sun Pharma, Maruti and Mahindra & Mahindra were the gainers.

According to Rupak De, Senior Technical analyst at LKP Securities. the Bears remain at the helm as the Nifty witnessed selling pressure throughout the day. "The Nifty found resistance at 19,850, which led to a fall towards 19,650. Going forward, the index may witness a range-bound move until it breaks out in either direction. A fall below 19,650 might give bears more strength and the Nifty might fall down towards 19,250. On the higher end, a decisive move above 19,850 might open the way towards 20,200." he said.

In Asian markets, Shanghai and Hong Kong ended in negative territory while Seoul and Tokyo settled in the green.

European markets were trading lower. The US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude jumped 3.36% to USD 92.92 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 263.68 crore on Tuesday, according to exchange data.

The BSE benchmark had climbed 261.16 points or 0.39% to settle at 66,428.09 on Tuesday. The Nifty gained 79.75 points or 0.40% to 19,811.50.

(With text input from PTI)