Indian stock markets remained under pressure as higher crude prices added to global risk concerns. Representative real photograph.
MUMBAI: Indian benchmark stock indices declined sharply on Friday as rising crude oil prices and escalating tensions in the Middle East weighed on investor sentiment.
The Nifty 50 fell about 0.9% to 23,261.7, while the BSE Sensex declined approximately 0.8% to 74,272.61, taking the benchmarks to their lowest levels in around three months.
Selling was widespread, with financial, metal and automobile shares among the sectors facing pressure. Small- and mid-cap indices also registered sharper declines.
The weakness followed a surge in Brent crude above $108 a barrel during the session. Higher oil prices are particularly important for India because of the country’s dependence on imported energy and their potential impact on inflation, the rupee and interest rates.
Energy producers were among the limited pockets of relative strength as crude prices remained elevated.
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