Sensex tumbles over 1,200 points as crude hits $106
Business
Not a great day for the stock market: Sensex tumbled more than 1,200 points on Thursday after crude oil prices shot up to $106 a barrel.
By midafternoon, Sensex was down 1.61% and Nifty slipped 1.6%.
Rising oil costs are making things tough for India's economy and shaking up investor confidence.
Oil spike fuels India inflation fears
Higher oil prices mean more expensive imports and rising inflation worries.
All major sectors took a hit, with small-cap and mid-cap stocks also falling more than 1.5%.
The rupee lost ground too, dropping to ₹95.84 against the dollar.
With global uncertainties adding pressure, inflationary fears persist.