Mumbai: Indian stock markets ended on a mixed note on Friday as rising crude oil prices, higher global bond yields and tensions between the US and Iran kept investors cautious.
The Sensex gained just 3.11 points to close at 77,540.83. The Nifty rose 20.15 points, or 0.08 per cent, to settle at 24,252.
Despite the marginal gains, both benchmark indices declined for the second consecutive week, reflecting continued worries about global markets and geopolitical risks.
Oil prices keep investors cautious
Global equities weakened after bond yields rebounded. Rising crude oil prices, amid continuing tensions between the US and Iran, also reduced investors’ willingness to take risks.
Higher oil prices are a concern for India because the country imports most of its crude requirements. A sustained rise can increase inflation, weaken the rupee and raise costs for companies.
Market participants also remained worried about elevated global bond yields. A recent move by the US Treasury to ease pressure on yields failed to provide lasting comfort because of rising oil prices and persistent inflation concerns.
Mid-cap and small-cap stocks advance
The broader market performed better than the benchmark indices. The Nifty MidCap index gained 0.1 per cent, while the Nifty SmallCap index advanced 0.69 per cent.
Among sectors, the Nifty FMCG, Auto and IT indices underperformed the wider market.
The Nifty Metal and Private Bank indices were the main outperformers and helped limit losses in the benchmarks.
Among individual Nifty stocks, Trent, Maruti Suzuki India and InterGlobe Aviation were among the leading losers.
Nifty faces resistance near 24,400
Market experts said the 24,000–24,200 zone remained an important support area for the Nifty. Heavy Put open interest at the 24,000 strike could provide additional support.
On the upside, the week’s high of 24,360 falls within the wider resistance zone of 24,300–24,400, making it the immediate hurdle.
A sustained move above 24,360–24,400 could help the index advance towards the 24,500–24,600 range. Investors will continue tracking crude oil, global bond yields and geopolitical developments for fresh direction.
