Sensex Plunges Over 900 Points Amid Oil Price Spike

The Indian stock market suffered significant losses on Friday, with the Sensex plummeting over 900 points to 75,474 and the Nifty50 declining by over 250 points to 23,606.

The decline was triggered by a combination of factors, including surging crude oil prices, weak global market cues, and disappointing corporate earnings.

Crude oil prices surged above the crucial $100-per-barrel mark to $100.64, while West Texas Intermediate (WTI) crude traded near $92 per barrel following fresh attacks on Saudi oil tankers.

This sharp rise in crude prices poses a major challenge for India, which depends heavily on oil imports, and could lead to increased inflation, a widened trade deficit, pressure on the rupee, and impacted corporate margins.