Benchmark indices Sensex and Nifty ended the week in the red amid a sharp spike in crude oil prices and concerns about a higher global rate environment, weighing on domestic equities. The 30-share BSE Sensex dropped 120.83 points or 0.16 per cent to settle at 74,781.76. During the day, the benchmark hit a high of 74,917.15 and a low of 74,160.16, gyrating 756.99 points. The 50-share NSE Nifty ended with a drop of 79.70 points or 0.34 per cent and closed the session at 23,398.10. However, the broader market ended the session mixed. While the BSE MidCap Select Index gained 13.41 points or 0.07 per cent, the BSE SmallCap Select Index fell 61.74 points or 0.67 per cent.
Among sectoral indices, Nifty Metal and Nifty Realty dropped 2.30 per cent and 2.70 per cent, respectively. However, Nifty Private Bank outperformed, gaining 0.48 per cent.
“Crude oil remained a major overhang, with WTI retreating toward the $99-100-per-barrel zone after briefly moving above $104, while Brent remained elevated above $104. The Indian rupee also remained under pressure, with oil-driven weakness putting the currency on course for a weekly decline. The rupee retreated toward the ₹95.5 zone despite RBI intervention, highlighting the limited relief from central-bank support amid elevated crude prices and global yield pressures,” said Ponmudi R, CEO of Enrich Money.
Top gainers and losers
Among the 30-Sensex firms, HDFC Bank, Tech Mahindra, HCL Tech, Eternal and Infosys were the major gainers, with HDFC Bank gaining 2.02 per cent today. On the flip side, Tata Steel, Reliance, Sun Pharma, Bajaj Finance and NTPC were among the laggards. Shares of Tata Steel fell 1.67 per cent today.
Today, shares of 11 out of 30 Sensex companies closed in the green, while the remaining 19 closed in the red. Meanwhile, 12 of 50 Nifty 50 companies closed in the green, while the other 37 closed in the red. One stock remained unchanged.
Rupee trades weaker
Meanwhile, the Indian rupee continued its downward spiral for a fourth straight session, posting its steepest weekly loss since May 15 amid surging crude oil prices and rising bond yields. In the near term, spot USDINR faces resistance at 95.80, with strong support positioned around 95.15.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
