The Indian stock market experienced a significant downturn during the latest trading session, with the Sensex closing 777 points lower. The market had initially shown signs of strength, opening with gains, but these were erased as the session progressed.

Market analysts point to the volatility in global energy markets as the primary driver for this shift in investor sentiment. Brent crude futures climbed to $106.86 per barrel, while US West Texas Intermediate (WTI) futures reached $102.67 per barrel. Higher oil prices are generally viewed as a negative for the Indian economy, which relies heavily on imports to meet its energy needs. The increased cost of crude oil typically pressures the rupee and raises concerns regarding inflation and corporate profit margins, leading investors to adopt a more cautious approach and sell off positions held earlier in the day.