Indian equity markets finished Friday’s session slightly lower as investors reacted cautiously to higher crude oil prices and growing uncertainty surrounding the Strait of Hormuz.
The Sensex closed at 78,009.25 after losing 71 points, equivalent to 0.09 per cent. The Nifty edged down, shedding 29.85 points or 0.12 per cent to finish at 24,366.00.
Oil prices advanced following reports suggesting that the United States could continue its naval blockade around the Strait of Hormuz for an indefinite period.
The possibility of prolonged disruption increased worries about the availability of energy supplies and added to concerns over inflation.
Higher crude prices could particularly affect India because the country depends significantly on overseas oil purchases to meet its energy requirements.
Investors consequently adopted a cautious approach while tracking developments around the strategically important shipping corridor.
Market experts observed that the Nifty spent much of the session below the 24,400 level.
The 24,300 region attracted buying support, helping the index recover during the latter part of trading.
The benchmark briefly crossed the 24,400 mark before reaching an intraday peak of 24,405.
Selling pressure soon emerged at higher levels, indicating that the index continues to face resistance around the 24,400 zone.
Analysts placed the immediate downside support between 24,300 and 24,250.
The broader market ended under pressure as investors reduced exposure to mid- and small-cap stocks.
The Nifty MidCap index fell 0.53 per cent, while the Nifty SmallCap index registered a decline of 0.69 per cent.
Tata Motors Passenger Vehicles, Jio Financial Services and Oil & Natural Gas Corporation were among the major Nifty decliners during the session.
The Nifty Consumer Durables index advanced nearly 1 per cent, making it one of the strongest-performing sectoral gauges.
The Nifty Pharma and Nifty Realty indices ranked among the biggest sectoral laggards.
Analysts noted that the stable rupee and easing 10-year bond yields continued to support India’s macroeconomic environment and inflation outlook. Foreign institutional investor participation showed a gradual recovery.
Also Read: Stock Market Today: Sensex Falls 332 Points, Nifty Slips As Crude Prices Weigh
To read more such news, download Bharat Express news apps
