Mumbai, Aug 14 (IANS) Indian equity benchmarks ended modestly lower on Friday after oil prices gained following reports that the United States may continue the naval blockade at the Strait of Hormuz for an indefinite period, raising concerns about energy supplies and inflation.
The Sensex fell 71 points, or 0.09 per cent, to settle at 78,009.25, while the Nifty declined 29.85 points, or 0.12 per cent, to close at 24,366.00.
Commenting on Nifty technical outlook, experts said that the index traded largely below the 24,400 zone, although the 24,300 region emerged as an important buying-interest area and during the second half, recovery attempts pushed the index briefly above 24,400, with an intraday high of 24,405, but the move faced immediate supply pressure, highlighting continued resistance at higher levels.
“On the downside, 24,300–24,250 remains the immediate support,” an analyst stated.
Market sentiment remained cautious as higher crude oil prices increased concerns about import costs for India, one of the world’s largest oil-importing nations.
The uncertainty surrounding the Strait of Hormuz, a key global energy shipping route, further dampened risk appetite.
Among the Nifty constituents, Tata Motors Passenger Vehicles, Jio Financial Services and Oil & Natural Gas Corporation (ONGC) emerged as the top losers, dragging the benchmark indices lower.
The broader market also witnessed selling pressure. The Nifty MidCap index ended 0.53 per cent lower, while the Nifty SmallCap index declined 0.69 per cent.
Sectoral performance was mixed during the session. The Nifty Consumer Durables index outperformed its peers, gaining nearly 1 per cent as buying interest emerged in select discretionary consumption stocks.
On the other hand, the Nifty Pharma and Nifty Realty indices were among the worst-performing sectoral gauges.
Experts said that despite the modest decline in headline indices, investors remained focused on developments in the Middle East and their potential impact on global energy markets.
“The stability in the rupee, moderation in India’s 10-year bond yield, and a gradual improvement in FII participation are providing support to the domestic macro-environment and supporting the inflation trajectory,” a market expert mentioned.
–IANS
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