Mumbai — Indian stock markets ended marginally lower Friday as rising crude oil prices and concerns over the Strait of Hormuz weighed on investor sentiment.
The Sensex fell 71 points, or 0.09%, to close at 78,009.25, while the Nifty declined 29.85 points, or 0.12%, to settle at 24,366.
Oil prices rose following reports that the United States could continue its naval blockade at the Strait of Hormuz for an indefinite period, raising concerns about global energy supplies and inflation.
The development weighed on sentiment in India, which relies heavily on imported crude oil and is vulnerable to higher energy costs.
The Nifty traded largely below the 24,400 level during the session. Buying interest emerged around 24,300, helping the index briefly climb above 24,400 and reach an intraday high of 24,405 before selling pressure returned.
“On the downside, 24,300–24,250 remains the immediate support,” an analyst said.
Among Nifty stocks, Tata Motors Passenger Vehicles, Jio Financial Services and Oil & Natural Gas Corporation were among the biggest losers.
Selling was more pronounced in the broader market, with the Nifty MidCap index falling 0.53% and the Nifty SmallCap index declining 0.69%.
Sectoral performance was mixed. The Nifty Consumer Durables index gained nearly 1%, while the Nifty Pharma and Nifty Realty indices were among the weakest performers.
Investors remained focused on developments in the Middle East and their potential impact on energy markets.
“The stability in the rupee, moderation in India’s 10-year bond yield, and a gradual improvement in FII participation are providing support to the domestic macro-environment and supporting the inflation trajectory,” a market expert said. (Source: IANS)
