Sensex sinks 360 points as Saudi purge stokes inflation fears

Demonetisation triggered more inflows into equity mutual funds driving up the market

The 30-share index resumed lower at 33,235.75 and hovered between 33,280.55 and 33.135.94 in morning trade. This is its weakest closing level since October 31, when it had ended at 33,213.13.

The 30-scrip S&P BSE Sensex closed at 33,314.56 points - up 63.63 points or 0.19 per cent - from Thursday's close.

Oil prices climbed 3.5 per cent overnight to quote above Dollars 64 a barrel, the highest since early July 2015, as Saudi Arabia's crown prince cemented his power with an anti-graft crackdown which sparked fears of fresh geopolitical tensions and disruption in crude supplies.

"The biggest area of concern right now is crude oil (prices)".

Major Sensex losers were: Bharti Airtel, down 3.73 per cent at Rs 495.15; Tata Motors, down 2.92 per cent at Rs 438.70; SBI, down 2.35 per cent at Rs 309.75; Lupin, down 2.09 per cent at Rs 842.55; and ICICI Bank, down 2.05 per cent at Rs 305.80.

Conor McGregor slaps commissioner after confrontation with referee
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Asian shares held near decade peaks following another record breaking day on Wall Street. Key indices in rest of Asia declined, with Japan's Nikkei falling 0.10 per cent, retreating from 25-year highs, while Hong Kong's Hang Seng shed 0.30 per cent.

Global research firm Citi has initiated coverage with buy rating on SBI Life Insurance Company and set a price target at Rs 800 per share, implying a potential upside of 22 percent from Thursday's close.

The Dow Jones Industrial Average eked out a fourth consecutive record high close on Tuesday, while the S&P 500 ended marginally lower after a disappointing profit forecast from Priceline and a drop in financials.

However, it succumbed to profit-booking in late afternoon trade and slumped to 33,157.68, before finishing at 33,218.81, down 151.95 points or 0.46 per cent.

In terms of the broader markets, the BSE mid-cap closed lower by 0.77 per cent and the small-cap index lost 0.96 per cent.

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