Indian Stock Market Plummets Amid Rising Crude Oil Prices

The Indian benchmark equity indices plummeted on Friday due to escalating tensions in West Asia and a surge in crude oil prices. The Nifty 50 index opened at 23,270.30, down 207.50 points or 0.88 per cent, while the BSE Sensex opened at 74,309.16, lower by 593.43 points or 0.79 per cent.

Brent crude oil was trading at around USD 108.27 per barrel at the time of reporting, adding to concerns for oil-importing economies such as India. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said the market was facing stronger headwinds as the geopolitical conflict escalated and crude prices climbed.

He also flagged rising US bond yields as another major concern for global equities. Vijayakumar said a correction in global equity markets was likely, although its timing remained difficult to predict.