Amid global cues, the domestic stock market witnessed a huge fall on the last trading day of the week. BSE Sensex finally closed at 76,681.29, registering a huge fall of 982.29 points. Similarly, NSE Nifty also fell by 275.10 points to 23,897.95. Rising crude oil prices, continuous selling by foreign investors, and sharp decline in IT stocks took a toll on investor sentiment. Geopolitical uncertainties also impacted the market.
Profit-booking continued in the Indian equity market, clearly reflecting the pressure of rising geopolitical tensions in the Middle East, sharp rise in crude oil prices and weakening rupee. IT stocks were the biggest losers as quarterly earnings fell short of expectations, while the impact of selling was visible across almost all sectors. Geojit Investments Ltd. According to Vinod Nair, head of research at ICICI Bank, after a period of inflow of investment, foreign institutional investors (FIIs) have once again returned to net selling, which has had a negative impact on market sentiment.
On Friday, the rupee closed weak for the fifth consecutive day; It fell by 22 paise to 94.23 (provisional) against the US dollar. Rising crude oil prices and a strengthening dollar kept the rupee under pressure, while uncertainty over Middle East peace talks added to market concerns. At the interbank foreign exchange market, the rupee opened at 94.25 and traded in a tight range throughout the day. During this session, it touched a high of 94.18 and a low of 94.31. Ultimately, the rupee closed at 94.23 (provisional), showing a fall of 22 paise from its previous closing level. Earlier on Thursday, the rupee had weakened by 23 paise to close at 94.01—its fall for the fourth consecutive day.
Oil prices remained at high levels.
The price of a barrel of Brent crude for June delivery rose 3.1 percent on Thursday to close at $105.07; At one time it even reached above the level of $107. The price of a barrel of Brent for July delivery—the more popular contract among traders—closed at $99.35 after briefly touching $101. On Friday morning, Brent crude rose 98 cents to $100.33 a barrel. US benchmark crude rose 81 cents to $96.66 a barrel.
