Indian benchmark indices fell 2% on Friday as crude oil prices surged, with Nifty closing at 23,151.10 and Sensex at 74,563.92. The decline was broad-based, affecting all sectors, with Nifty Metal and PSU indices dropping 4.8% and 3.7% respectively. Beyond oil price pressures, the rupee weakened to a fresh low of 92.3 against the dollar, while foreign institutional investors sold a record 52,704 crore rupees in equities, marking the highest single-day selling since January 2025. Market volatility is expected to persist as geopolitical tensions in West Asia continue disrupting energy supplies. Analysts warn that near-term market direction will remain sensitive to developments in West Asia, crude oil price movements, and foreign fund flow trends.
