The Nifty slumped nearly 1.5 percent on Friday, posting its biggest single-day fall in nearly 4-1/2 months as blue-chips shares fell on risk aversion after crude oil scaled nine-month highs on rising violence in Iraq. The Nifty lost 1.41 percent, or 107.80 points, to end at 7,542.10, closing below the psychologically important 7,600 level, also declining 0.54 percent for the week.
Crude oil prices surged as escalating violence in Iraq threatened supplies from OPEC's second-largest oil producer. Increase in crude oil prices raised concerns of increase in India's current account deficit and fiscal deficit. India imports majority of its crude oil requirements. The market breadth, indicating the overall health of the market was negative, in Nifty50 stocks the advances to declines stands at 8 advances to 32 declines.
Crude oil prices surged as escalating violence in Iraq threatened supplies from OPEC's second-largest oil producer. Increase in crude oil prices raised concerns of increase in India's current account deficit and fiscal deficit. India imports majority of its crude oil requirements. The market breadth, indicating the overall health of the market was negative, in Nifty50 stocks the advances to declines stands at 8 advances to 32 declines.
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