October 5, 2018 / 6:38 AM / in 2 months

Nifty, Sensex slump as energy stocks drag; RBI keeps rates unchanged

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, February 17, 2016. REUTERS/Shailesh Andrade/Files

(Reuters) - Indian shares plunged on Friday, dragged by energy and financial stocks, after the central bank in a surprise decision kept key interest rates unchanged while the government’s announcement on Thursday to cut gasoline and diesel prices hurt oil marketers.

The benchmark BSE Sensex closed down 2.25 percent at 34,376.99, its biggest percentage loss since February 2.

The broader NSE Nifty ended 2.67 percent lower at 10,316.45, its biggest percentage fall since Nov. 11, 2016.

For the week, the Nifty fell 5.62 percent, while Sensex shed 5.11 percent, their sharpest drop since the week ending Feb. 12, 2016.

Reliance Industries Ltd closed 6.5 percent lower, contributing to over half the Nifty’s losses, while Housing Development Finance Corp Ltd closed 3.92 percent weaker.

Shares of oil marketing companies such as Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd closed 23.97 percent and 19.89 percent lower, respectively. Indian Oil Corp Ltd shares fell 15.86 percent.

Reporting By Arnab Paul in Bengaluru; Editing by Vyas Mohan

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