India Stock Market Takes Hit as Crude Oil Prices Soar

Stock markets in India took a hit on Friday morning due to rising crude oil prices. The Sensex and Nifty, key benchmark indices, declined sharply in early trade.

The Sensex fell by 235.36 points to reach 78,699.80, while the Nifty dipped 24.30 points to 24,608.25. Financial stocks led the decline, with Bajaj Finance and ICICI Bank among the major losers.

Tata Consultancy Services, Tech Mahindra, HCL Tech, and Infosys were among the few gainers in the Sensex pack. Brent crude prices rose by 1.16% to $83.45 per barrel overnight.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 17.86 crore on Thursday, according to exchange data. Analysts pointed out that rising energy prices and geopolitical uncertainty were behind the market's decline.