On Monday, sensex had closed 1,048 points or 1.3% lower at 80,239 points, while Nifty on NSE was down 313 points or 1.2% at 24,866 points. Both indices were around their respective six-month closing lows.
In early trading on Tuesday, the Dow Jones index had fallen more than 1,100 points or 2.2%, while the broader S& had lost more than 2%.Meanwhile, crude oil prices are up more than 15% since Saturday. Late on Tuesday, while Brent was at the $84 per barrel level, WTI was near $77. For India, according to analysts and economists, rising crude oil prices could potentially boost inflation, disrupt macroeconomic fundamentals and weaken the rupee.As the dollar strengthened against various currencies, the price of gold and silver fell. At 2115IST, while the dollar index, an indicator of the dollar’s strength against a basket of major currencies, was up almost 1% to over 99.5, US Comex gold was down 4.6% and silver was down 8.4%.
