Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Government sources indicate a potential increase in petrol and diesel prices due to rising global crude oil costs and losses incurred from a prolonged freeze on retail rates.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
Airlines are cutting not only international services but also domestic flights, especially on routes projected to remain unprofitable in the coming weeks due to weak demand and high fares.
Fitch Ratings on Friday said persistently higher oil prices could cause India's retail inflation to rise faster than the expected gradual pace, and lead to a slowdown in economic growth in the first half of financial year 2026-27 (FY27).
The Indian rupee depreciated 16 paise to settle at a fresh lifetime low of 96.86 against the US dollar, marking its ninth consecutive session of decline, driven by elevated global crude prices and a strong dollar.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
US Secretary of State Marco Rubio has said that the US is ready to sell as much energy as India is willing to buy. He described India as a 'great partner' ahead of his visit to New Delhi.
Indian equity markets experienced a significant decline in early trade, with the BSE Sensex and NSE Nifty dropping, as escalating geopolitical tensions in West Asia and a surge in global oil prices dampened investor sentiment. Track Sensex, Nifty50 movement and key market drivers for May 8, 2026.
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
The Madhya Pradesh government has formed a committee to monitor gas and oil supplies amid concerns over the West Asia crisis, assuring citizens that there are adequate stocks and no need to panic. The government is also working to ensure the safe return of Indian citizens from Gulf countries.
Despite reporting a weaker-than-expected net loss of Rs 2,536 crore for Q4FY26, largely due to a significant non-cash forex loss, analysts remain optimistic about IndiGo's long-term prospects, citing strong demand trends, a favourable pricing outlook, and strategic cost-control measures.
The rupee recovered to 95.18 against the US dollar after hitting an all-time intra-day low of 95.44. The recovery was supported by possible RBI intervention amid renewed Gulf tensions and rising crude oil prices.
Indian equity markets experienced a significant downturn as geopolitical tensions in West Asia, rising oil prices, and foreign fund outflows dampened investor confidence. The Sensex and Nifty both fell sharply in early trade, reflecting broader global market weakness.
Indian benchmark indices Sensex and Nifty traded lower amid volatile trends, influenced by escalating geopolitical uncertainties in West Asia and fresh outflows from Foreign Institutional Investors (FIIs).
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
The people of Bihar, usually cook food in mustard oil that adds pungency. They enjoy cooking and eating, tasty and healthy food using seasonal ingredients with aromatic local spices. Garlic, ginger and green chillies play a special role.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Dr Amreen Sheikh, chief dietician at KIMS Hospital, recommends a list of healthy fat alternatives that you can have instead of cheese without compromising on nutrition.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
Foreign secretary Vikram Misri on Friday shared key details on agreements between India and the UAE, stating that the UAE will store up to 30 million barrels of crude oil in India's strategic petroleum reserve following Prime Minister Narendra Modi's visit.
In a development that could reshape West Asia's security landscape, US President Donald Trump announced Friday that he will convene an emergency meeting in the White House Situation Room to make a final decision on a broad, multi-part peace deal with Iran.
The Reserve Bank of India (RBI) reported a significant 52 per cent year-on-year increase in gains from foreign exchange transactions, reaching 1.69 trillion in FY26. This surge occurred despite the central bank selling a gross $195 billion in the spot market to manage rupee volatility, which saw a 9.85 per cent depreciation.
ONGC launched the 7th Para Games 2026 in New Delhi, featuring around 300 Divyang athletes from eight oil and gas PSUs, highlighting the company's commitment to inclusiveness and employee empowerment.
Prime Minister Modi has urged citizens to adopt measures like judicious fuel use, postponing gold purchases, and deferring foreign travel to strengthen India's economy in the face of the West Asia conflict's adverse impact.
'Once the market decides it wants to go up, it goes up -- no amount of bad news can really hold it back.'
India's consumption stocks, which have outperformed the broader market, are now facing significant pressure due to a gradual rise in fuel prices and the potential for higher inflation. Analysts warn that companies may be forced to pass on increased input costs to consumers, potentially hurting demand across both staples and discretionary categories, with a looming threat of deficient monsoon rainfall further exacerbating inflationary concerns.
Hydrogen fuel cell technology generates electricity through a chemical reaction using hydrogen, with water vapour as the only emission, making it a cleaner alternative to conventional fossil fuel-based traction systems.
Amidst a sharp run-up in gold and silver prices, investors are advised to rebalance their portfolios by booking partial profits in precious metals and reallocating to domestic equities and debt, according to financial experts.
The US-China rapprochement, however tenuous, is not without implications for India. Both China and Pakistan have become closer to the US, notes Ambassador T P Sreenivasan.
Iran has placed anti-personnel and anti-armour mines around the island, where US troops could potentially stage an amphibious landing.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
US Secretary of State Marco Rubio said that discussions aimed at halting the conflict with Iran have shown "some slight progress," while simultaneously echoing Washington's dissatisfaction with its NATO allies.
Indian stock markets rallied in early trade after US President Donald Trump announced a halt to planned military strikes on Iran, citing requests from Gulf leaders and ongoing "very big discussions" that could lead to a deal. This de-escalation, coupled with foreign fund inflows and gains in IT and Adani group stocks, contributed to the positive market sentiment. Track Sensex and Nifty on May 19, 2026.
