Sensex drops 1,000 points on surging oil prices, massive selling in IT stocks

Equity benchmark indices Sensex and Nifty tumbled over 1 per cent on Friday, falling for the third consecutive day, as a sharp rally in crude prices and massive selling in IT counters weighed heavily on investors’ sentiment. Unabated foreign fund outflows, a negative trend in global markets amid prolonged conflict and continued disruption in the Strait of Hormuz added to the gloom. The 30-share BSE Sensex dropped 999.79 points, or 1.29 per cent, to settle at 76,664.21. During the day, it plunged 1,260.13 points or 1.62 per cent to 76,403.87. The wider gauge NSE Nifty slumped 275.10 points, or 1.14…