Geopolitical flare-ups in West Asia triggered yet another weekly loss for Indian equities, with Nifty and Sensex closing lower for the fourth straight week amid unrelenting pressure. Nifty shed 0.16% over the period, rebounding 0.49% to settle at 23,114.50 on Friday. Sensex mirrored the caution, dipping 0.04% to 74,532.96 despite a 325.72-point or 0.44% uptick in the finale.
Trading opened steady, but metal sector buying provided a temporary lift later in the week. Global crude oil stubbornly hovering over $100/barrel amplified worries about inflation spikes and India’s trade imbalances, keeping a lid on gains.
Standouts included IT and public sector banks, with metals posting a robust 2%+ advance in their Nifty index. Midcaps eked out a slim 0.06% rise, contrasting smallcaps’ 1.11% slump in the broader market.
Compounding the woes, the rupee weakened to an all-time low of 93.49/USD, battered by FII outflows—₹81,263 crore in 13 sessions—dollar strength, and international forex turbulence.
Market watchers like Motilal Oswal’s Siddharth Khemka predict sustained wariness. High oil and regional instability are primary drags, he says. For Nifty, 23,850 poses near-term resistance, followed by 24,000/24,150; downside cushions at 22,950/22,700.
Bourses have retreated about 13% from peaks, hinting at an extended pullback. Bank Nifty support spans 52,000-53,000, with upside barriers at 54,000-55,000. As tensions simmer, traders remain on high alert for the next move.