Markets, bonds fall as oil spikes

Nifty 50 index fell 82 points to 10,240, while the India VIX index surged 8% to 15.3, signalling more volatility

Indian markets declined on Tuesday after global crude oil prices climbed to $66 per barrel for the first time since 2015. Rising global crude oil prices stoked fears of higher fiscal deficit and inflation, impacting future interest rate decisions by the Reserve Bank of India (RBI). The benchmark Sensex declined 228 points to close at 33,228, with banking shares leading the declines. The Nifty 50 index fell 82 points to 10,240, while the India VIX index surged eight per cent to 15.3, signalling more volatility. Yield on the 10-year benchmark government bonds closed at 7.19 per cent, after touching a