Mumbai: Equity benchmark BSE Sensex dropped over 100 points in the opening session on Friday as global equities turned negative after the US killed a top Iranian general, fuelling fears of a conflict in the oil-rich region.
Global oil prices surged four per cent and at around 11 am, the Brent Crude Oil was trading at $68.38.
The 30-share BSE index was trading 107.35 points or 0.26 per cent lower at 41,519.29. Similarly, the broader NSE Nifty slipped 39.10 points or 0.32 per cent to 12,243.10.
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Top gainers and losers
Asian Paints was the top loser in the Sensex pack, shedding up to 1.62 per cent, followed by Tata Steel, HDFC Bank, Mahindra and Mahindra, HUL, IndusInd Bank and Maruti.
On the other hand, ONGC was the top gainer, rising up to 2.77 per cent. TCS, Infosys, HCL Tech, Tech Mahindra, Sun Pharma and Hero MotoCorp were also trading in the green.
In the previous session, the 30-share gauge ended 320.62 points, or 0.78 per cent, higher at 41,626.64. The closed 99.70 points, or 0.82 per cent, up at 12,282.20 -- its new closing record.
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Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 688.76 crore, and domestic institutional investors purchased shares worth Rs 63.95 crore on Thursday, data available with stock exchanges showed.
According to traders, domestic investors followed Asian markets which fell after the Pentagon confirmed that US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani, who died in Baghdad "in a decisive defensive action to protect US personnel abroad".
Global Market
Bourses in Shanghai, Hong Kong and Seoul were trading in the red, while those in Tokyo remained closed for New Year holidays.
READ: Iran's Gen Soleimani killed in air strike at Baghdad airport
Shares on Wall Street ended significantly higher on Thursday.
Rupee vs Dollar
Meanwhile, the rupee depreciated 17 paise to 71.56 against the US dollar in the morning session.
Oil prices
Domestic oil prices are already on the rise in India. Besides, Indian imports over 80 per cent of its oil requirement.
Iraq is the largest crude supplier to India. The Basra crude is regarded as one of the best in terms of quality and ideally suited for Indian refineries.
According to data sourced from the Directorate General of Commercial Intelligence and Statistics, Iraq sold 46.61 million tonnes of crude oil to India during April 2018 and March 2019.
This was 2 per cent more than 45.74 million tonnes it had supplied in 2017-18 fiscal, making it the top supplier for the second year in a row.
India provisionally imported 207.3 million tonnes of crude oil in 2018-19, down from 220.4 million tonnes in the previous financial year.
