Sensex breaks nearly 300 pts, oil and gas stocks tank

Domestic equity trademark BSE Sensex jumped nearly 300 points in early session on Monday(Today), pulled by oil and gas stocks, fueled by a massive surge in global crude prices.

After touching a low of 37,111.29, the 30-share index was trading 210.02 points, or 0.56%, lower at 37,174.97 at 1000 hours, while the broader Nifty fell 64.15 points, or 0.58 % to 11,011.75.

In the previous session on Friday, the BSE barometer settled 280.71 points higher at 37,384.99, while the broader NSE Nifty ended 93.10 points up at 11,075.90.

According to experts, domestic equities jumped after global oil benchmark Brent crude price took a heght as drones attacked two Saudi Arabian plants on Saturday.The attack by Yemen's Houthi rebels reportedly shut down 6% of the global oil supply.

After the drone attack on one of the world's biggest oil producers Saudi Aramco, global crude prices surge by almost 12% which is the biggest surge since 1988, said Ashish Nanda EVP and Business Head - PCG, Commodities and Currency Business, Kotak Securities.

Elsewhere in Asia, Shanghai Composite Index and Kospi were trading in the green in their respective late morning sessions, while Hang Seng cracked 1%.

On Friday, foreign portfolio investor sold shares worth a net of Rs 405.45 crore, while domestic institutional investors bought equities worth Rs 209.56 crore, provisional data showed.