Sensex, Nifty Close Lower as Crude Oil Prices Jump
MUMBAI, India — Indian benchmark equity indexes ended lower Friday as late-session selling pressure weighed on markets amid a weaker rupee and a sharp rise in crude oil prices.
The Nifty closed down 46.10 points, or 0.19%, at 23,643.50. The Sensex fell 160.73 points, or 0.21%, to settle at 75,237.99.
Analysts said the Nifty would need a sustained breakout above the current resistance zone to strengthen bullish momentum and improve broader market sentiment toward the 23,900 to 24,000 range.
“On the downside, the 23,500-23,400 zone continues to act as an important immediate support level, and a decisive break below this region could drag the index toward the 23,300–23,200 support area,” an analyst said.
Market sentiment turned cautious in the final hours of trading after the rupee touched a fresh low against the U.S. dollar, raising concerns about higher import costs and inflationary pressure.
A surge in global crude oil prices also weighed on investors, particularly in energy-sensitive sectors.
Hindalco Industries, Eternal and UltraTech Cement were among the top laggards on the Nifty.
Broader markets also came under pressure. The Nifty MidCap index ended 0.45% lower, while the Nifty SmallCap index fell 0.61%.
Sectoral performance was broadly weak, with the Nifty Metal, Nifty Realty and Nifty Oil and Gas indexes among the worst-hit segments. Technology and media shares showed some resilience, helping the Nifty IT and Nifty Media indexes close in positive territory.
Global oil prices rose sharply, with Brent crude’s May futures contract climbing 2.9% to $108.80 a barrel on the Intercontinental Exchange. The increase raised concerns about higher fuel costs and their potential impact on inflation and corporate margins.
The rupee also fell to a fresh record low of 96.14 against the U.S. dollar before settling at 95.97. The decline came as the trade deficit widened beyond market expectations and a short squeeze followed the currency’s breach of the 96 level.
“Technically, spot USDINR has support at 95.45, with resistance levels seen at 96.20 and 96.85,” an analyst said. (Source: IANS)
