MUMBAI — Indian equity markets closed sharply lower Friday, with benchmark indices tumbling as a spike in global crude oil prices weighed on investor sentiment amid escalating geopolitical tensions.
The Sensex fell 982.71 points, or 1.27 percent, to end at 76,681.29, while the Nifty dropped 275.10 points, or 1.14 percent, to close below the 24,000 mark at 23,897.95.
Analysts said the 24,000 level has now become a key resistance zone after previously acting as support, limiting recovery attempts.
“A decisive move above 24,000 is required to ease selling pressure and trigger a recovery towards 24,200, while a break below 23,800 could extend weakness towards the 23,600 level,” a market analyst said.
The sell-off was led by losses in information technology stocks, with shares of Infosys, Tata Consultancy Services, and Tech Mahindra among the biggest decliners. The Nifty IT index dropped about 5 percent.
Broader markets also weakened, with the Nifty MidCap and Nifty SmallCap indices falling 0.96 percent and 0.87 percent, respectively.
Other sectors, including pharma and media, also ended in negative territory, adding to the overall decline. The metal index showed relative resilience, posting the smallest drop among sectoral indices.
Investor sentiment was hit by a sharp rise in crude oil prices. Brent crude surged above $100 per barrel, with April futures climbing 2.07 percent to $107.25.
The jump in oil prices follows ongoing disruptions in energy supplies linked to tensions around the Strait of Hormuz, a critical global oil transit route.
Market participants remained cautious, as higher crude prices are seen as inflationary and could widen India’s current account deficit, potentially affecting economic stability.
“The week ended on a weak note, with no meaningful progress in Middle East ceasefire discussions and continued disruption in the Strait of Hormuz,” a market expert said. (Source: IANS)
