Crude Prices Squeeze Indian Stocks, Despite Quarterly Earnings Boost

Indian shares fell in early trade on August 11, led by heavyweight financials as higher crude prices weighed on risk appetite. The Nifty index dropped 0.43% to 24,477.95 and the BSE Sensex lost 0.48% to 78,167.55.

The rise in oil prices to a one-week high of $88.09 a barrel was a major concern for India, which is the world's third-largest oil importer. This could lead to a higher import bill, fuel inflation, and pressure corporate margins.

Despite upbeat quarterly earnings and renewed foreign inflows, the benchmark indexes have remained subdued in the last four trading sessions. Foreign investors have bought Indian shares worth $1.5 billion on a net basis so far in August, adding to July's inflows of $2.1 billion.