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Sensex Tumbles 262 Points; Nifty Ends Tad Above 11,000

Indian shares fell on Monday, with shares of state-run oil marketing companies succumbing to heavy selling pressure, as the latest attacks on Saudi Arabia's oil facilities sent oil prices soaring.

Oil prices jumped almost 20 percent at one point in early trade today following multiple drone attacks over the weekend on Saudi Arabia's crude oil production facilities.

Prices, however, gave up some early gains after U.S. President Donald Trump authorized the use of his country's emergency stockpile to ensure stable supply.

The benchmark S&P BSE Sensex ended the session down 261.68 points, or 0.70 percent, at 37,123.31 while the broader NSE Nifty index dropped 72.40 points, or 0.65 percent, to 11,003.50.

Oil marketing firms, tyre, paint and aviation stocks paced the decliners while IT stocks rose on a weakening rupee, which fell over 1 percent on concerns that higher crude oil prices will adversely impact India's fiscal deficit situation.

BPCL shares slumped as 7.3 percent in the Nifty pack while HDFC, Asian Paints, Yes Bank, Indiabulls Housing Finance, UPL, SBI and Mahindra & Mahindra gave up 2-3 percent.

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