Sensex Falls 71 Points, Nifty Ends Lower Amid Crude Oil Concerns

Sensex and Nifty closed lower on Friday as elevated crude oil prices and the prolonged US-Iran impasse weighed on investor sentiment, with markets remaining cautious amid global uncertainties.

The 30-share BSE Sensex declined 70.71 points, or 0.09%, to settle at 78,009.25. The index had fallen as much as 395.59 points, or 0.50%, during the session to touch 77,684.37 before recovering some of its losses.

The NSE Nifty 50 also ended in negative territory, slipping 29.85 points, or 0.12%, to 24,366. The decline came as investors remained concerned about the impact of higher energy prices on inflation and corporate costs.

Among Sensex constituents, Asian Paints, InterGlobe Aviation, NTPC, Power Grid Corporation, State Bank of India and HCL Technologies were among the major laggards. On the other hand, Bharti Airtel, Adani Ports, ICICI Bank and Titan emerged among the notable gainers.

Crude oil remained a key concern for domestic equities. Brent crude, the global oil benchmark, rose 0.17% to $87.15 per barrel. Sustained increases in crude prices can raise India's import bill and potentially add pressure to inflation, given the country's dependence on imported oil.

Global market cues were mixed. South Korea's Kospi, Japan's Nikkei 225 and Shanghai's SSE Composite ended higher, while Hong Kong's Hang Seng closed lower. European markets were trading mostly higher, while US equities had ended positively on Thursday.

Meanwhile, foreign institutional investors (FIIs) remained sellers, offloading equities worth ₹510.69 crore on Thursday, according to exchange data.

The previous session had ended on a mixed note. The Sensex gained 113.61 points, or 0.15%, to 78,079.96, while the Nifty declined 40.10 points, or 0.16%, marking its third consecutive day of losses.