New Delhi, July 24 -- Oil spike knocks markets to sharpest weekly fall since mid-May

Indian equities recorded their steepest weekly decline in ten weeks as escalating tensions in West Asia, rising crude oil prices, a weakening rupee and the uncertainty over corporate earnings prompted investors to cut risky positions.

Benchmark Nifty 50 and the Sensex fell 0.4% each on Friday to close at 23,767.45 and 76,059.75, respectively. For the week, the Nifty lost 2.3% while Sensex declined 2.6%, their steepest fall since the week ended 15 May, when the benchmarks had shed 2.7%.

"Indian equities remained volatile amid global pressures and escalating Middle East tensions. Crude oil's surge past $90 a barrel and the rupee's decline to 96.96 agains...