Commodities
India's Stock Market Plunges as Crude Oil Prices Soar
The Indian stock market, as measured by the BSE Sensex, plummeted by 235.36 points to 78,699.80 in early trading on Friday, while the Nifty slipped 24.30 points to 24,608.25.
The decline was largely driven by a surge in global crude oil prices, with Brent crude increasing by 1.20% to $83.48 per barrel. This uptick in energy costs is particularly concerning for import-dependent economies, as it can lead to inflation and widened trade deficits.
Foreign institutional investors were also net sellers of INR 17.86 crore on Thursday, contributing to the market's downturn. The Indian Rupee depreciated by 6 paise against the US dollar, trading at 95.28 in early morning deals.