Stocks seen sharply lower as crude rebounds

Stocks are set to slide on Friday mirroring trailing global markets as crude oil reared its ugly head yet again.

Oil prices held near $121 a barrel on Friday, a day after their biggest gain in 3 months, after a renewed slump in the US dollar and mounting tension between the United States and Russia renewed investor concerns.US light crude for October delivery dipped 10 cents to $121.08 a barrel after jumping nearly 5 percent on Thursday.

Meanwhile, back home, inflation data, announced after market hours Thursday, inched northward but in line with market expectations. The wholesale prices index rose 12.63 percent for the week ended Aug. 9, up from the previous week's 12.44 percent, raising expectations of further monetary tightening by the Reserve Bank of India