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India stocks fall for fifth straight session as oil risks rise
The Nifty 50 fell 0.4% to 23,767 and the Sensex slid 0.4% to 76,408, with both down more than 2.5% for the week.
India's stock market extended losses for a fifth straight session on Friday, July 24, as investors weighed escalating geopolitical risks to global energy supplies, LiveMint Markets said. The Nifty 50 ended 0.4% lower at 23,767, while the S&P BSE Sensex also fell 0.4% to close at 76,408.
Weaker-than-expected June-quarter results from Infosys and IndiGo added pressure on sentiment, the outlet reported. For the week, both the Nifty 50 and Sensex declined more than 2.5%, marking their worst weekly performance in four months.
The broader market finished mixed, with the Nifty Midcap 100 down 0.1% and the Nifty Smallcap 100 down 0.3%, according to LiveMint Markets. It also pointed to intensifying Middle East hostilities, including reports that Yemeni Houthi fighters struck two Saudi oil tankers in the Red Sea.
The report said higher crude prices could be a risk for India, the world's third-largest crude importer, by potentially fueling inflation, widening the trade deficit, and weighing on growth and corporate profitability. It highlighted several stock moves, including Go Digit General Insurance shares dropping 9% to a record low of ₹256 and HFCL falling 5% to ₹197, as investors digested quarterly earnings.
Latest closeWTI crude $92.23 ▲6.2%|Sensex 76,755.05 ▼0.9%