Mumbai: The Indian stock market ended the week on a weak note, extending its losing streak for the fifth straight week, as rising crude oil prices, a falling rupee and escalating tensions in the Middle East dampened investor sentiment.
These global factors are now expected to remain the key triggers for market movement in the coming week.
On Friday, (March 27), both benchmark indices — Sensex and Nifty — saw sharp declines of over 2 per cent each.
The Sensex plunged 1,690 points, or 2.25 per cent, to close at 73,583, while the Nifty dropped 487 points, or 2.09 per cent, to settle at 22,819.60.
Commenting on Nifty technical outlook, experts said that a decisive breakdown below the 22,700–22,500 range can accelerate selling pressure, potentially dragging the index towards the 22,000–21,744 zone, which aligns with the 52-week low region.
“On the upside, 23,000–23,100 now acts as immediate resistance, followed by a stronger supply zone in the 23,300–23,500 range,” an analyst mentioned.
The broader markets also remained under pressure, with midcap and smallcap indices ending lower.
The ongoing geopolitical tensions in the Middle East have emerged as a major concern for global markets.
Uncertainty around possible negotiations between the United States and Iran continues to keep investors on edge.
Rising crude oil prices are further weighing on sentiment. Brent crude has surged above $112 per barrel, marking a sharp rally since the conflict began.
Higher oil prices are a concern for India, which depends heavily on imports, as they can fuel inflation and widen the trade deficit.
The Indian rupee has also been under pressure, slipping past the 94 mark against the US dollar.
At the same time, safe-haven demand has pushed gold and silver prices higher. Both metals saw strong buying interest on Friday, rising over 3 per cent, as investors looked for protection amid global uncertainty. The movement in precious metals indicates continued risk aversion in global markets.
(IANS)
