Sensex slid 460 points, closing 73,249, while Nifty slipped 124 points to 22,688. The dip followed a 14‑year peak in the Indian crude basket that hit $120 per barrel on Thursday, the highest since March 2012.
The Indian crude basket, a blend of Brent and Oman & Dubai barrels, rose to $120 after Brent surged past $112, the tallest level since May. Petroleum Planning & Analysis Cell data show the basket’s climb from $114.5 in April.
The rupee, after an eight‑session rally, slipped 36 paise to 95.00, hovering near the 95/$ threshold. The reverse of the currency’s upward trend added pressure on domestic equities.
Asian stocks mirrored the wobble: Korea’s Kospi fell 3.5%, Hong Kong’s Hang Seng 3%, Japan’s Nikkei 2.7% and Shanghai 1.5%. Europe lagged too, with France’s CAC 40 down 1.4%, Germany’s DAX 1.1% and the UK’s FTSE 100 0.3%.
Foreign portfolio investors were net sellers, off Rs 3,459 crore, while domestic funds bought Rs 2,891 crore, according to BSE provisional data. The net outflow left investors poorer by Rs 3.3 lakh crore.
Analysts note that any uptick in oil prices amid the Gulf tensions could keep volatility high. Investors will watch next week’s earnings and the RBI’s policy meeting for clues.