Oil Shock Hits Indian Markets: Brent Near $95 Raises Inflation, Rupee And Nifty Concerns

Global crude oil prices surged sharply, with Brent crude nearing $95 per barrel, adding fresh pressure on Indian markets, the rupee, and investor sentiment. The spike has pushed the Nifty below the 24,000 mark while the rupee has weakened against the US dollar. Pankaj Pandey, Head of Research, ICICI Direct, says higher crude prices could significantly increase India's oil import bill, fuel inflation, and keep interest rate concerns alive. He believes corporate earnings remain resilient, but geopolitical tensions and rising oil prices are likely to keep markets volatile in the near term.