Escalation in Middle East tensions pushed oil prices higher, sending Indian
equities to near six-month lows. Benchmark Nifty 50 and Sensex fell 1.4%. All 16
major sectors declined. Heavyweight financials, banks and private banks slipped
1.7–2%; state-owned bank index fell 2.4%. As the world’s third-largest oil
importer, higher crude will raise India’s import bill, add to inflationary
pressure and compress corporate margins.
