Stock market today: Sensex tanks 700 pts; Nifty slips below 23,700 as Brent tops $100

The Nifty 50 fell 147.35 points (0.62%) to 23,722.25 at 9:17 am, as weak global cues and Brent crude above $100 a barrel weighed on market sentiment.

Just weeks after crude prices had fallen on hopes that the Middle East was easing, oil has staged a sharp comeback. Fresh attacks on Saudi oil tankers in the Red Sea and a disruption to Kazakhstan's exports have revived fears over global supplies, sending prices beyond the $100-a-barrel mark.

On Friday, Brent crude futures fell 63 cents, or 0.63%, to $100.1 a barrel, while US West Texas Intermediate (WTI) crude slipped 69 cents, or 0.75%, to $91.50 a barrel. Despite the decline, Brent remained on track for a 13.5% weekly gain, while WTI was set to rise 10.9%.

Rupee is expected to remain under pressure on Friday, with traders forecasting an opening in the 96.85-96.90 per US dollar range after closing at 96.5725 on Thursday.

Brent crude's rally above $100 a barrel has intensified concerns over India's import bill and inflation outlook, bringing the rupee close to its all-time low of 96.96 touched in May. Market participants are also watching for any intervention by the Reserve Bank of India.

Asian markets opened sharply lower on Friday as oil prices surged above $100 a barrel, reviving fears of another inflation shock and triggering a sell-off in equities and bonds.

This came after Bent crude held near $100.85 a barrel after soaring 7% overnight to a two-month high, as attacks by Iran-backed Houthis on Saudi tankers in the Red Sea compounded supply disruptions caused by Iran's near-closure of the Strait of Hormuz.