Energy Shock Hits India's Economy and Markets

Rising oil prices above $111 per barrel have prompted analysts to cut India's GDP growth forecasts. Indian stock markets opened lower, with the Nifty50 below 22,800 and the Sensex falling 300 points, though shares later rose on Middle East peace hopes led by bank gains. The rupee rebounded, rising 33 paise to 92.85 against the US dollar.