Rising crude oil prices may worsen the current account deficit (CAD) to 2.5 per cent of the GDP in the current financial year, says a SBI report.
Crude oil was trading higher by 0.70 per cent to Rs 4,889 per barrel in futures market as speculators created fresh bets, taking positive cues from global markets.
Persistently high oil, along with the rupee's movement and the ongoing quarterly results season are expected to drive the trajectory of Indian equity in the coming week.
On a weekly basis, Sensex declined by a massive 687.49 points or 1.93 per cent to close at 34,848.30 points.
The 50-share NSE Nifty closed at 10,596.40, down 86.30 points, or 0.81 per cent, its lowest since April 25, 2018.
Crude oil prices advanced 0.60 per cent to Rs 4,861 per barrel in futures trade today as speculators raised their bets amid positive global cues.
Sensex plunged 239 points today to end at 35,149.12 as nervous investors took money off the table amid political wrangling in Karnataka.
Rupee weakened by 17 paise to 67.87 against the US dollar in early trade at the interbank forex market today on fresh demand for the greenback from importers and banks.
The NSE 50-share Nifty also lost 58.40 points, or 0.54 per cent, to 10,682.70, after shuttling between 10,777.25 and 10,664.50.
A surge in crude oil prices pushed the cost of petrol in the country further higher on Thursday, with the transport fuel being sold at Rs 75.32 per litre in the national capital.
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