A sharp rise in global crude oil prices has started to weigh yet again on India’s stock market, which is trading near its all-time high. Brent crude, the global benchmark for oil that had crashed to around $50 a barrel in 2018 is back to $75.
Key stock indices Sensex and Nifty were roiled on Monday on fears that US may withdraw its waiver that it had given to some countries including India to import oil from Iran. The share price of Reliance Industries (RIL), that runs country’s largest oil refinery and has the highest weight in both key indices, fell by 2.76 per cent to close at Rs. 1,344.