Indian stock markets tumble as oil prices jump
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Mumbai, Sept. 16 -- Indian equities fell nearly 0.6% on Monday as a drone attack on Saudi Arabia's oil facilities, over the weekend, pushed crude oil prices higher, stoking inflationary and fiscal slippage concerns.
The benchmark Sensex index was down 0.6%, or 214.28 points, at 37,170.71, while Nifty-50 also declined 0.6%, or 66.50, to 11,009.40 points.
Shares of domestic oil marketing companies fell because of the surge in crude prices. Hindustan Petroleum Corp fell 5%, Bharat Petroleum Corp was down 5.05%, and Indian Oil Corp 2.9%. However upstream companies like Oil & Gas Corp Ltd rose 2.7%.
Global benchmark Brent crude futures soared nearly 20% or $11.7 to $66.91 per barrel in early trade today, while US West Texas Intermediate cru...
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