Sensex, Nifty fall 0.7% as oil surge erases early gains

What happened: The Sensex and Nifty fell 0.7% as a surge in oil prices erased early gains. Key numbers: Brent crude futures rose 1.2% to $106.19 a barrel. Indonesia lost 2.6%, China's Shenzhen Composite fell 1.8%, Hong Kong's Hang Seng rose 0.3%. Year to date, the Sensex and Nifty have lost over 15% each. Why it matters: Utsav Verma of Choice Institutional Equities said markets are likely to remain under pressure until crude oil prices ease significantly or there is greater clarity on a resolution to the conflict.

Oil surge erases early gains, driving Sensex and Nifty down 0.7%.

Oil surge erases early gains, driving Sensex and Nifty down 0.7%. — impact context not separately stored; see What changed.