Sensex tumbles 900 pts, Nifty nears 23,600 as soaring crude oil prices weigh on market sentiment

Synopsis: Indian benchmark indices witnessed sharp selling pressure on Friday, with the Sensex plunging over 900 points and the Nifty slipping close to the 23,600 mark. The market downturn was driven by a sharp spike in crude oil prices and heightened geopolitical tensions in West Asia, which dampened investor confidence. Benchmark indices Sensex and Nifty ended significantly lower on Friday after Brent crude surged past the USD 100 per barrel mark, triggering concerns over inflationary pressures and the broader economic impact on crude-importing nations like India. For the week, the Sensex declined around 3.2%, while the Nifty lost nearly 2.8%, registering their steepest weekly decline in the past four months. Sector-wise, selling was widespread across the market, with FMCG emerging as the only sector trading in positive territory. Broader markets also remained under pressure, as the Nifty Smallcap 100 slipped 1.3% and the Nifty Midcap 100 fell 1%. Spike in crude oil prices: Brent crude, the international oil benchmark, climbed above USD 100 per barrel, raising concerns over India's macroeconomic outlook. As the world's third-largest importer and consumer of crude oil, India remains highly vulnerable to sustained increases in oil prices, which can accelerate inflation, widen the current account and trade deficits, increase import costs, and put pressure on the rupee, ultimately weighing on corporate earnings and overall market sentiment. Investment in securities market are subject to market risks. Read all the related documents carefully before investing,