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Crude Surge, Mideast Tensions Sink Indian Markets
15 Jul
Summary
- Indian stock benchmarks fell sharply on Tuesday due to rising crude oil and Mideast tensions.
- WPI inflation climbed to 9.87% in June 2026, while CPI rose above the RBI's target.
- Global markets also declined amid concerns over persistent inflation and interest rates.
Domestic equity benchmarks ended sharply lower on Tuesday, influenced by rising crude oil prices, escalating Middle East tensions, and weak global cues. The Nifty 50 fell below the 24,100 level, with significant selling pressure observed in the IT, auto, and banking sectors.
India's wholesale price index (WPI)-based inflation accelerated to 9.87% in June 2026, driven by higher prices of food articles and mineral oils. Concurrently, consumer price inflation (CPI) increased to 4.38% in June, exceeding the Reserve Bank of India's 4% target for the first time in 17 months.
Globally, European and US stock markets traded lower. Concerns over persistent inflation and the trajectory of global interest rates were exacerbated by a surge in crude oil prices, fuelled by geopolitical developments. This led to fears of elevated inflation and reduced expectations for near-term monetary policy easing.
In specific stock movements, Biocon surged 6.34% following a large block deal, while Landmark Cars hit an upper circuit on strong Q1 FY27 revenue growth. HCL Technologies declined despite strong quarterly results, as it retained its FY27 revenue growth guidance.
