Stock market declines amid rising crude prices, weak global cues

Indian stock market declined on Friday amid rising crude oil prices and weak global market trends.

At close, the Sensex was down by 516.34 points or 0.66 percent at 77,328.19, while Nifty declined to 24,176.15, down 150.50 points or 0.62 percent.

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In terms of sectors, all indices traded in the red except FMCG, IT and pharma. PSU Bank index slipped 3%, Oil & Gas index shed 1%, while Private Bank, Metal, Energy, Power, Realty down 0.5% each.

Nifty smallcap100 and Nifty midcap100 indices were up 0.2 percent and 0.1 percent, respectively.

The overall market capitalisation of BSE-listed firms remained stable at Rs 473 lakh crore. The Indian rupee fell 25 paise to close at 94.47 per US dollar.

In terms of some of the key stocks, Britannia Industries dropped 4 percent after moderation in sales growth, Dabur India gained 2 percent after posting quarterly earnings ahead of estimates.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng were trading lower.

The India VIX, considered the market’s fear gauge, rose more than 3 percent to 17.12.

For the week, BSE Sensex jumped 0.5 percent, while Nifty50 index rose 0.7 percent.

On Nifty, the key gainers were Asian Paints, Apollo Hospitals, Tata Consumer, Adani Ports, Titan Company while on the losing end were SBI, Coal India, HDFC Bank, Bajaj Finance, Axis Bank.

In terms of some of the key shares, Britannia Industries came under significant pressure declining 5%, City Union Bank shed another 4%, among Tata group stocks, Tejas Networks, Voltas, and Tata Chemicals closed lower with losses of over 3%, CCL Products India shares crashed 7%.

Investors are closely monitoring the situation as negotiations between the US and Iran to end the war continue.