Crude burns down financial markets; Gold on fire

Bears attack financial markets following a multi-year surge in black gold. Here is the market update for you:

• Nifty saw a 100-point recovery from the day's low, currently trading near 15,850
• Sensex also recovered 300 points, though benchmarks still remain 2.5% down
• Rupee was 76.94 per U.S. Dollar, a record low level
• After surging to the highest level of $140/bbl, Brent crude prices calmed a bit to $130/bbl
• Gold surged to the highest level since August 2020
• Banks and autos were the biggest losers, whereas metal stocks surged
• Axis Bank, Indusind Bank, Maruti, Mahindra and ICICI Bank were the top five market losers