Sensex loses 642 points to close at 36,481, Nifty slumps below 11,000

Indian equity market suffered another massive loss on Tuesday with Sensex sliding further by 642 points amid heavy selling pressure due to fears of rising crude oil prices following attacks on Saudi oil facilities. 

The losses were spread across all sectors.

Sensex closed at 36,481.09 after losing 642.22 points (1.73%) while the Nifty came down below 11,000 to close at 10,817.60 after losing 185.90 points (1.69%).

Auto majors Hero MotoCorp, Maruti and Tata Motors;  Tech Mahindra, Bharti Airtel and Axis Bank were some of the biggest losers of the day.

Rising crude oil prices after drone attacks on Saudi Ramaco oil facilities was one of the key reasons for the selloff in the market. 

The investor sentiment took a hit following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979, said reports quoting data from the International Energy Agency.

Meanwhile, investors in Asian markets remained broadly on the sidelines ahead of an expected interest rate cut from the US Federal Reserve and the next round of US-China trade talks later this week.

(With ANI inputs)