Sensex Tumbles 1.04% to Lowest Level This Year Amid Oil Price Surge

The Indian BSE Sensex index fell by 1.04% on Tuesday to close at 74,003.82 points, its lowest level this year.

The decline was driven primarily by a sharp increase in global crude oil prices, with Brent crude pushing towards $108 a barrel and West Texas Intermediate trading near $105.

India's import bill concerns are mounting as the country is one of the world's largest net energy importers, making it particularly sensitive to sustained increases in energy prices.

The index opened at 75,369.63 but dropped sharply throughout the session, with oil marketing companies and downstream industrials bearing the brunt of the selling.