Crude surge hammers markets; smallcaps near the brunt
The Nifty 50 closed 0.39% lower at 22,600, after hitting an intraday low of 22,372; Sensex fell 125.56 points to 73,123.83, after trading between 72,452 and 73,766
Markets plummeted for the fourth straight day on Friday, driven by soaring Brent crude prices near a six-month peak and mounting Middle East tensions. The Nifty Smallcap 100 dropped nearly 3 percent, while 460 out of the 500 most-watched stocks closed lower. The Nifty 50 fell 0.39 percent to 22,600, while the BSE Sensex slipped 0.17 percent to 73,123.83.
Vinod Nair, Geojit Investments' Head of Research, noted that the sharp correction in mid- and small-caps relative to the Nifty was a major concern. Sectoral indices all ended in the red, with Realty stocks falling as much as 5 percent. IT stocks performed relatively better. Brent crude hovered near $115 a barrel, causing imported inflation and corporate margin pressures.
Foreign fund outflows and global market uncertainty further dampened risk appetite. Gold also had a rough week, dropping over 3.5 percent to around ₹1,42,800. The US Federal Reserve's upcoming policy decision is seen as the key event to watch, as it could determine gold's near-term direction and have broader implications for the dollar and emerging-market currencies.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
