Indian markets witnessed sharp declines as the Sensex dropped 1400 points to near 77,500 and the Nifty fell 450 points to 24,000 amid surging crude oil prices driven by the West Asia conflict. All sectoral indices closed in the red except IT, which ended marginally positive. The Indian rupee hit a record low of 92.31 against the US dollar, falling 57 paise in a single day. Finance Minister Nirmala Sitharaman stated in Lok Sabha that high crude oil prices are unlikely to substantially impact India’s inflation, which averaged 1.8 percent from April to January and remains near the lower bound of the Reserve Bank of India’s tolerance band. She noted inflation could rise by 30 basis points if crude oil prices increase 10 percent beyond baseline expectations, assuming full pass-through to domestic prices. Domestic LPG cylinder prices were raised by 60 rupees and commercial cylinders by 115 rupees, causing oil marketing company shares to decline.
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