Indian Markets Fall for Fifth Straight Session as Sensex Drops 332 Points
Mumbai–Indian equity markets extended their losing streak to a fifth consecutive session Friday as concerns over inflation, economic growth and elevated crude oil prices kept investors cautious.
The Sensex fell 332 points, or 0.43%, to close at 76,059.77. The Nifty declined 102.15 points, or 0.43%, to settle at 23,767.45, slipping below the 23,800 level.
The five-day decline marked the longest losing streak for the benchmarks since the first week of January.
Analysts said the 23,800-to-24,000 range has become the Nifty’s immediate resistance zone.
“A sustained move above this band would be needed to improve the near-term outlook,” an analyst said.
On the downside, the 23,700-to-23,600 range has emerged as immediate support after limiting Friday’s losses, according to a market expert.
Eternal, Bajaj Finance and Mahindra & Mahindra were among the biggest losers on the Nifty and weighed on the benchmark.
The broader markets posted modest gains. The Nifty Midcap 100 rose 0.10%, while the Nifty Smallcap 100 advanced 0.32%.
Sectoral performance was mixed. The Nifty Auto index was the worst performer, falling 1.1%, while real estate and pharmaceutical stocks also came under pressure.
Media and information technology stocks outperformed the broader market and provided some support during the session.
Investor sentiment remained subdued as market participants assessed how persistently high oil prices could affect inflation, economic growth and other key macroeconomic indicators.
“Market sentiment is likely to remain under pressure in the near term, as sustained oil prices in a higher range could begin to adversely impact key macroeconomic indicators and growth dynamics,” an analyst said.
Market experts said the five consecutive sessions of losses reflected an ongoing risk-off mood as investors awaited fresh domestic and global economic cues. (Source: IANS)
