MUMBAI — Indian benchmark stock indexes ended lower Friday as late-session selling weighed on markets amid a weaker rupee and a sharp increase in crude oil prices.
The Nifty closed down 46.10 points, or 0.19%, at 23,643.50. The Sensex fell 160.73 points, or 0.21%, to settle at 75,237.99.
Analysts said the Nifty would need a sustained breakout above current levels to strengthen bullish momentum and improve broader market sentiment toward the 23,900-to-24,000 range.
“On the downside, the 23,500-23,400 zone continues to act as an important immediate support level, and a decisive break below this region could drag the index toward the 23,300–23,200 support area,” an analyst said.
Market sentiment turned cautious in the final hours of trading after the rupee touched a fresh low against the U.S. dollar. The decline raised concerns about higher import costs and inflationary pressure.
A surge in global crude oil prices also hurt investor sentiment, particularly in sectors sensitive to energy costs.
Hindalco Industries, Eternal and UltraTech Cement were among the top laggards on the Nifty.
Broader markets also came under pressure. The Nifty MidCap index ended 0.45% lower, while the Nifty SmallCap index fell 0.61%.
Sectoral performance was largely weak, with metal, realty and oil and gas shares among the worst performers. Buying in technology and media stocks helped the Nifty IT and Nifty Media indexes close higher.
Brent crude May futures rose 2.9% to $108.80 a barrel on the Intercontinental Exchange, raising concerns about higher fuel costs and their potential impact on inflation and corporate margins.
The rupee touched a record low of 96.14 against the U.S. dollar before settling at 95.97. The decline came as India’s trade deficit widened more than expected and a short squeeze followed the currency’s breach of the 96 level.
“Technically, spot USDINR has support at 95.45, with resistance levels seen at 96.20 and 96.85,” an analyst said. (Source: IANS)
