Nifty Ends at 23,398 as Brent Crude Hits $100
Indian equity indices closed lower on Friday as Brent crude breached the $100 mark. The Nifty 50 fell 0.34 percent to 23,398.10. The Sensex dropped 120.83 points to 74,781.76. Real estate and metals sectors led the decline.
Indian equity markets ended the trading session lower on Friday. The Nifty 50 index closed at 23,398.10, a decrease of 79.70 points. The BSE Sensex finished at 74,781.76, down 120.83 points. The Nifty touched an intraday low of 23,231 before recovering slightly. The weekly decline for the Nifty stands at 2.1 percent.
Brent crude oil prices crossed the $100 per barrel threshold. The benchmark surged toward $110 before easing to $105. This spike is driven by intensifying tensions in West Asia. Higher energy costs have pushed global bond yields upward. The US 10-year Treasury yield is approaching 5 percent.
Sector Performance and Corporate News
The Nifty Realty index declined more than 2 percent. It hit a two-month low. Godrej Properties and Lodha were key drags. The Metal index also fell over 2 percent. Hindalco Industries, JSW Steel, and Tata Steel were among the top losers. The Auto, Energy, and PSU Bank indices each dropped 0.5 percent.
Private banks outperformed with a 0.5 percent gain. Dr Reddy’s Laboratories and HDFC Bank were major gainers. HDFC Bank received a favorable ruling in seven investor cases in Bahrain. The court dismissed claims related to Credit Suisse AT1 bonds. This removes a legal overhang for the lender.
Macro Pressures and Market Outlook
The Indian rupee depreciated to 95.6 per US dollar. Foreign Institutional Investors continued to sell Indian assets. Motilal Oswal notes that rising yields pressure equity valuations. A hawkish Federal Reserve stance is now expected. Bank unions held a nationwide strike on Friday. Further strikes are scheduled for late October.
Investors will watch August inflation data in India next week. The US Federal Reserve policy decision is also on the calendar. Global bond yields remain a key monitorable. The NSE IPO is set to open on September 17. It aims to raise approximately 22,662 crore rupees. GN auto markets/indices: stock index data confirms the broad market weakness.
