Markets Crash to 11-Month Low as Crude Surge Triggers Selloff

Sensex plunged 1782 points and Nifty fell 551 points (at the time of posting this post) to an 11-month low amid a sharp rise in Brent crude near $119 per barrel, weak global markets and continued FII selling. A weakening rupee, spike in India VIX and heavy selling in banking stocks

further pressured markets, while midcap and smallcap indices also dropped around 3%.