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High Oil Prices Driving Stock Markets Crazy

Rising prices of oil played chaos in the stock market sentiment, as both the benchmark indices day down around 3%, making India the worst performing market globally at closing time on Monday.

The BSE Sensex ended at 17, 445, down by 477 points from its previous close. The NSE Nifty closes down by 148 points. Such a heavy decline was seen in the market in November. Crude oil in international market has touched $125 per barrel.

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 “Crude oil prices are likely to remain high in the near future. If that happens, price rises will also move up further, perhaps stand the RBI’s rate-easing policy,” said Alex K Mathews, Head, Technical and Derivatives Research, Geojit BNP Paribas Financial Services.

The results of the Second Long-Term Refinancing Operations (LTRO-II) by the European Central Bank announced on Wednesday and will likely involve refinancing to the tune of 400-500 billion euro.

Via: The Hindu Business Line, image

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