Mumbai–Indian equity benchmarks extended their losses for a fifth consecutive session Friday, marking their longest losing streak since the first week of January, as investors remained cautious about inflation and economic growth amid elevated crude oil prices.
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 below the 23,800 level at 23,767.45.
Market analysts said the 23,800-to-24,000 range has emerged as 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 23,600-to-23,700 range is expected to provide immediate support after limiting Friday’s decline, according to market experts.
Eternal, Bajaj Finance and Mahindra & Mahindra were among the biggest losers on the Nifty and weighed on the benchmark index.
The broader market ended mixed. The Nifty Midcap 100 gained 0.10%, while the Nifty Smallcap 100 rose 0.32%.
Sectoral performance was also uneven. The Nifty Auto index was the worst performer, declining 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 the potential effect of persistently high oil prices on inflation, economic growth and other key macroeconomic indicators.
Analysts said the five-session decline reflected a continued risk-off mood as investors awaited fresh domestic and global cues. They warned that market sentiment could remain under pressure in the near term if crude oil prices stay elevated. (Source: IANS)
