Indian Stock Market Slumps Amid Crude Oil Price Surge

The Indian stock market took a hit on Wednesday due to concerns over rising crude oil prices. The Sensex and Nifty indices closed lower, with the Sensex down by 325.78 points or 0.42% to settle at 76,909.68. This marks its fourth consecutive day of decline.

The benchmark has lost 1,170.28 points or 1.49% in the last four days. The Nifty also declined by 76.60 points or 0.32% to end at 24,078.30, marking a seventh consecutive day of losses.

The Brent crude price rose by 1.04% to USD 91.97 per barrel. According to Vinod Nair, Head of Research at Geojit Investments Ltd., the market turned cautious ahead of the release of the US FOMC minutes, as investors remained concerned about the Federal Reserve's battle against inflation.