India's Stock Market Plunges as Crude Prices Soar to Highest Level Since May

The Indian stock market experienced a significant downturn on Friday due to soaring crude oil prices and escalating tensions in West Asia.

The benchmark indices Sensex and Nifty plummeted, with the Sensex falling 628.24 points to 74,257.69 and the Nifty dropping 221.20 points to 23,255.10.

The decline was attributed to weak trends in global markets, foreign fund outflows, and the impact of higher crude oil prices on India's import bill, inflation, and corporate margins.

Experts predict that a further increase in crude prices could exacerbate these issues, reducing the scope for monetary easing. Brent crude has climbed to its highest level since May at USD 108.7 per barrel.