MUMBAI: The benchmark equity index S&P BSE Sensex traded over 220 points lower on Wednesday afternoon after a sell-off in the US market. But further loss were restricted as crude oil prices declined further and stocks of key sectors held on to the gains.
The Asian markets were mixed post a heavy sell-off in the US markets.
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Heavy selling pressure was witnessed in the IT counters which fell over 3 per cent followed by Teck (technology, entertainment and media) and energy stocks.
However, the index pivotals -- finance and banking -- traded in the green. At 2.10 p.m., the S&P BSE Sensex traded 223.48 points lower at 35,251.03 from its previous close of 35,474.51.
The benchmark index touched a high of 35,494.25 and a low of 35,112.49 while NSE's Nifty was trading 50.90 points lower at 10,605.30.
"The prices of crude oil is falling as inventories rose last week. Currently, US inventories are at its highest level since 2015. Additionally, the prices are affected because of the global slow down which impacts demand," Anuj Gupta, Deputy Vice President - Research - Commodities and Forex, Angel Broking, told IANS.
"The Brent Crude is trading at USD 63.20 per barrel and is expected to decline further."