Indian equity markets closed in negative territory on Friday, ending a brief two-session rise as investors turned cautious due to higher crude oil prices, weak international signals and pressure on the rupee.
The benchmark BSE Sensex dropped 161 points, or 0.21 per cent, to finish at 75,237.99. The NIFTY 50, meanwhile, slipped 46 points, or 0.19 per cent, to settle at 23,643.50.
Market analysts said traders booked profits after recent gains, while concerns over global developments kept sentiment subdued.
According to technical experts, the Nifty is facing immediate resistance near the 23,800 level, with the 24,000 mark remaining a major hurdle for the index.
On the lower side, support is seen around 23,500, followed by 23,300, where buying interest may return.
Analysts also warned that if the index falls below these support levels, it could move closer to the 23,000 zone, which currently remains a strong support area based on options data.
Investor sentiment stayed cautious due to continuing tensions involving the United States and Iran.
The conflict has stretched into its third month without any major diplomatic progress.
Iran recently indicated that it may soon present a proposal related to maritime operations through the Strait of Hormuz. The passage remains a crucial route for global oil transportation.
Any disruption in the region could affect crude supply worldwide and add volatility to financial markets.
Oil prices climbed more than 3 per cent on Friday following remarks by US President Donald Trump and statements from Iran’s foreign minister. The comments weakened expectations of a quick resolution to the ongoing tensions near the Strait of Hormuz.
Investors are also likely to monitor the ongoing fourth-quarter earnings season closely.
More than 500 companies will likely release their financial performance reports for the March 2026 quarter in the coming week.
Apart from corporate earnings, traders will also monitor foreign investor activity and movements in US bond yields. Global market trends, along with fluctuations in crude oil and currency markets, will provide further direction.
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