MUMBAI, Sept 12: Indian equity markets ended the week on a weak note as rising crude oil prices and heightened geopolitical tensions weighed on investor sentiment, with the benchmark indices registering their fifth consecutive weekly decline.
The Sensex fell 120.83 points, or 0.16 per cent, to close at 74,781.76 on Friday, while the Nifty 50 declined 79.70 points, or 0.34 per cent, to settle at 23,398.10. Both indices lost more than 2 per cent during the week.
The decline came amid a sharp rise in global oil prices. Brent crude climbed above $100 a barrel, with concerns over disruptions to shipping and energy supplies in the Middle East raising fears of renewed inflationary pressure.
The weakness was broad based, with several major sectors ending the week in the red. Information technology stocks faced particularly strong selling pressure, while financial and energy shares also remained under pressure. Reliance Industries declined during Friday’s session, while HDFC Bank was among the notable gainers.
The Indian rupee also weakened during the week, adding to concerns for companies exposed to imported commodities and overseas financing. Foreign investors continued to remain cautious amid expectations that elevated oil prices could complicate the global interest-rate outlook.
Meanwhile, Prime Minister Narendra Modi, addressing the BRICS Business Forum in New Delhi on September 11, stressed the importance of secure shipping routes and stronger economic cooperation among member countries. He called for reducing trade barriers and expanding business partnerships to strengthen global trade and supply chains.
Market participants are now watching developments in crude prices, global monetary policy and geopolitical tensions for direction in the coming sessions.