Sensex Falls 71 Points, Nifty Ends Below 24,400 As Hormuz Concerns Lift Oil Prices

Mumbai: Indian stock markets ended marginally lower on Friday as rising crude oil prices and uncertainty over the Strait of Hormuz kept investors cautious.

The Sensex fell 71 points, or 0.09 percent, to close at 78,009.25. The Nifty declined 29.85 points, or 0.12 percent, to settle at 24,366.

Oil prices moved higher following reports that the United States could continue its naval blockade at the Strait of Hormuz for an indefinite period. The route is crucial for global oil and gas supplies.

Oil Concerns

Any prolonged disruption at the strait could reduce energy supplies and push global crude prices higher. This is a major concern for India, which depends heavily on imported oil.

Costlier crude can increase the country’s import bill, weaken the rupee and add to inflation. These concerns limited buying interest in domestic equities.

Technical Levels

The Nifty remained largely below the 24,400 level during the session. Buying emerged around 24,300, helping the index recover during the second half.

The benchmark briefly crossed 24,400 and touched an intraday high of 24,405. However, selling pressure at higher levels prevented it from holding those gains.

Experts said the 24,300–24,250 range would act as immediate support. The 24,400 level remains a key hurdle for any sustained recovery.

Major Losers

Tata Motors Passenger Vehicles, Jio Financial Services and Oil and Natural Gas Corporation were among the biggest Nifty losers, putting pressure on the indices.

The broader market performed worse than the benchmarks. The Nifty MidCap index declined 0.53 percent, while the Nifty SmallCap index dropped 0.69 percent.

Sectors Mixed

Sectoral performance remained mixed. The Nifty Consumer Durables index gained nearly 1 percent, supported by buying in selected discretionary consumption companies.

In contrast, pharmaceutical and realty shares faced selling pressure and were among the weakest sectoral groups.

Experts said stability in the rupee, lower Indian 10-year bond yields and gradually improving foreign institutional investor participation provided some support.

However, investors remained focused on Middle East developments and their effect on oil supplies, inflation and India’s economic outlook.