Indian Equity Markets Tumble Amid Crude Oil Price Surge
The Indian equity markets closed lower on August 11, with the Sensex declining by 388.19 points, or 0.49%, to 78,154.25, and the Nifty 50 falling by 112.10 points, or 0.46%, to 24,471.70.
The sharp rise in crude oil prices renewed concerns over inflation, with Brent crude oil prices rising by more than 2% to $89 per barrel at the time of filing.
Vinod Nair, Head of Research at Geojit Investments Limited, said that the rise in crude prices shifted investor attention back towards inflation risks and limited the positive impact of supportive corporate earnings.
The risk-off sentiment affected several sectors that are more vulnerable to higher energy costs, with Nifty FMCG declining by 1.17%, Nifty Metal falling by 0.95%, and Nifty Realty declining by 0.99%.