Pulse of the Street: Oil spike knocks markets to sharpest weekly fall since mid-May

Indian equities logged their steepest weekly decline in ten weeks, with the Nifty 50 falling 2.3 percent to 23,767.45 and the Sensex dropping 2.6 percent to 76,059.75, driven by surging crude oil prices, Middle East tensions, a weakening rupee at 96.96 per dollar, and earnings uncertainty. Brent crude breached 90 dollars and traded around 93 dollars a barrel, up nearly 24 percent from its pre-war level, raising concerns over India's import bill and accelerating foreign investor selling. Losses were broad-based, with BSE Realty down 4 percent and Bankex falling 3 percent, while only defensive FMCG and auto pockets offered marginal support, and analysts flagged paints, aviation, automobiles and consumer durables as vulnerable to sustained price pressures.