Indian Markets Slide as Middle East Tensions Push Crude Above $108

Indian equities opened sharply lower on Friday as renewed geopolitical tensions in the Middle East pushed Brent crude above $108 a barrel. The Nifty 50 fell around 1% to 23,242.55, while the Sensex declined 0.91% to 74,223.44. Fifteen of the 16 major sectoral indices were in the red, while both small-cap and mid-cap indices fell around 1.1%.

The rise in crude prices is a concern for India because the country depends heavily on imported oil. Higher energy costs can increase the import bill and add pressure on inflation, corporate margins and the rupee. Investors are therefore closely watching developments around major shipping routes and energy supplies in the region.