Soaring crude oil prices continue to dampen investor sentiment

Analysts said oil prices would overshadow the election results of five states, due on Thursday

Soaring crude oil prices continue to dampen investor sentiment. While the benchmark indices managed to eke out about 1 per cent gain on Tuesday after four days of heavy losses, surging oil prices will continue to act as strong headwinds for the market in the near term, according to analysts.

Global research and brokerage house Credit Suisse has downgraded the Indian markets to ‘underweight’ from ‘overweight’, citing oil prices. The Brent crude price had touched nearly $140 a barrel on Monday, a level last seen 14 years ago. On Tuesday, it was trading around $132 a barrel.

“We tactically cut our India