Indias Sensex Drops to 32-Month Low on Oil Surge
Indian benchmark indices fell sharply to multi-month lows as rising oil prices and a weaker rupee heightened inflation concerns. Sustained foreign investor selling and the central banks recent rate hike added further pressure to domestic equities.
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India's benchmark Sensex fell 1.44% to 71,593.24 on Thursday, hitting a 32-month low as surging oil prices and foreign capital outflows intensified inflation concerns. The drop followed the central bank's hawkish rate increase announced a day earlier. Markets face mounting selling pressure as foreign investors offloaded 469.9 billion rupees ($4.86 billion) over nine days, pushing year-to-date outflows to $30.4 billion.
