Stock Market Trades Flat As Rising Crude Oil Prices Weigh On Investor Sentiment

Indian equity markets traded largely flat in early trade on Friday as investors reacted to mixed global cues, rising crude oil prices and ongoing quarterly earnings announcements.

The Nifty slipped 0.11 per cent to 23,663, while the Sensex declined nearly 147 points to trade at 75,251 during the morning session.

Among sectoral indices, Nifty Metal, Nifty Realty and Nifty Oil & Gas emerged as the top losers, falling up to 1 per cent.

Shares of Hindalco Industries, Trent, Bharat Electronics Ltd (BEL), Eternal and Asian Paints also traded lower in the Nifty pack.

On the other hand, Nifty IT and Nifty Auto posted gains, while small-cap and micro-cap stocks remained under pressure.

Market experts said the recent increase in petrol and diesel prices by Rs 3 per litre and the Rs 2 per kg hike in CNG prices reflected the government’s strategy of implementing gradual fuel price increases without causing a sudden spike in inflation.

Analysts said investors continued to track quarterly earnings closely, with strong Q4 results driving sharp gains in some stocks while weak earnings triggered steep declines in others.

Experts also highlighted continued weakness in IT shares and sustained strength in pharmaceutical stocks amid changing market expectations.

Brent crude rose 1.57 per cent to 107.38 dollars per barrel, while WTI crude gained 1.72 per cent to 102.92 dollars.

Asian markets traded mixed, with Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s KOSPI declining, while Wall Street closed higher overnight with gains in the S&P 500 and Nasdaq.

Investors are expected to remain cautious amid rising oil prices, inflation concerns and global market volatility.

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