US oil prices fell for a sixth day after Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies.

The falls come amid a rout in global share markets as inflation fears grip investors.

US West Texas Intermediate (WTI) crude was down 60 cents, or 0.98 percent, at USD 60.55. On Thursday, it closed down 64 cents, or 1 percent, to settle at $61.15, its lowest close since January 2.

Brent crude futures were trading at USD 64.38 a barrel, down 43 cents or 0.66 percent. On Thursday, Brent fell 70 cents, or 1.1 percent, to settle at USD 64.81 a barrel, their lowest close since Dec. 20.

Benchmark indices opened lower on Friday tracking weakness in global peers. The Sensex fell over 500 points, while NSE Nifty dropped below 10,400 in the opening trade.

Benchmark stock indices plunged today following a steep sell-off in global markets on concerns that rising interest rates will hit economic growth.

At 10:01 AM, the BSE Sensex was trading at 33,891, down 522 points, while the Nifty50 index was trading at 10,412, down 165 points.

All the sectoral indices were in the red today with Nifty Pvt bank falling the most, down 2.2%.

SAIL reported strong growth on the revenue and operating fronts. Its revenue grew by 21.4% yoy to Rs15,323.6cr (expectation Rs14,694cr). The stock is currently trading higher by 5% on the NSE.

Indiabulls Real Estate shares gained 3% as the company’s board meeting will be held on February 14 to consider demerger of residential and commercial business.

Fortis Healthcare shares rallied 13% after Malvinder Singh and Shivinder Singh tendered resignation from the directorships of the company.

In the broader market, the BSE Midcap and the BSE Smallcap indices were down 1% each.

Volatility index India VIX gained 13.19% at 20.1175.

Tata Steel (+1.07%), and Lupin (+0.80%) were the top gainers on Nifty50.

Tech Mahindra (-2.82%), ICICI Bank (-2.7%), Indiabulls HF (-2.7%), Axis Bank (-2.3%) and TCS (-
2.2%) were the top losers in today’s trade.

Out of 2,008 stocks traded on the NSE, 340 advanced, 1,265 declined and 403 remained unchanged today.

A total of 11 stocks registered a fresh 52-week high in trade today, while 11 stocks touched a new 52-week low on the NSE.

source: moneycontrol.com