The Nifty 50 index extended its losing streak to seven sessions this week. This marks its longest run of daily declines in 11 months. The decline happened as crude oil prices rose to a one-month high and global bond yields increased. The index closed at 24,252, down about 0.47% for the week. The Sensex also fell, ending nearly 0.60% lower at 77,540.83.
Key Details
Despite the broader market pressure, several stocks in the Nifty 500 saw big gains. Welspun Corp shares surged 23.4% to ₹2,311, while Jyoti CNC Automation rose 20%. Other notable gainers included Balrampur Chini Mills, which increased 16.7%, and Welspun Living, up 15.3% after a record order win. Ajit Mishra, SVP – Research at Religare Broking, noted that geopolitical uncertainty and high crude oil prices are likely to keep the market volatile in the near term.
Background
Investors are closely watching the link between crude oil prices, U.S. Treasury yields, and the dollar. These factors are expected to influence market sentiment. Ponmudi R, CEO of Enrich Money, emphasized that global economic trends and geopolitical events will play a big role in shaping the market's direction as the June-quarter earnings season wraps up. He advised investors to focus on companies with strong earnings visibility and healthy balance sheets.
Related coverage: Sensex, Nifty 50 Extend Weekly Losses Amid Oil Price Surge.
Rising oil prices could lead to higher input costs for many sectors, especially those reliant on energy. This may further depress the Nifty 50 and Sensex indices. Investors will watch for updates on U.S.-Iran talks and any potential sanctions that could affect crude oil supply. They will also monitor U.S. Federal Reserve policy decisions and their impact on global markets.
Based on reporting by: livemint.com