Indian stock markets fell over 3% today as a historic overnight plunge in US crude oil to below zero hit global risk sentiment.
The Sensex ended 1011 points lower at 30,636 - its biggest fall in three weeks - while Nifty settled 3% lower at 8,981. US oil futures had plunged below zero for the first time in the previous session, on concerns that the sector will run out of storage for a glut caused by the coronavirus lockdown.
The rupee also fell to 76.83 against the US dollar. India, one of the world's top importers of oil, tends to benefit from lower oil prices, but investors were spooked as Monday's crash reflected the extent of the damage the coronavirus had on the global economy, analysts said. “Coronavirus-related restrictions have