Indian markets set to open lower as surging oil prices weigh on sentiment

Indian stock markets are expected to open lower on Tuesday as a sharp rise in global oil prices dampens investor sentiment ahead of the opening bell.

Brent crude climbed 3.9% to $103.08 a barrel, while US West Texas Intermediate gained 1.8% to $92.16 a barrel. The surge in energy costs raises concerns about inflationary pressure on the Indian economy, which is a major importer of crude oil.

Higher oil prices typically weigh on Indian equities by squeezing corporate margins and stoking fears of a wider current account deficit. Both the Sensex and the Nifty are anticipated to begin the session in negative territory as traders react to the overnight developments in commodity markets.