The domestic equity benchmark indices pared their losses on Friday supported by buying in banking and IT stocks, as elevated <a href="https://www.mid-day.com/business/business-news/article/crude-oil-hits-4month-high-above-usd-108-amid-renewed-usiran-conflict-23649513" target="_blank" rel="none noopener">crude oil prices</a> despite easing during the day, dented investor sentiment.
<h2>Market movement</h2>
The 30-share BSE Sensex dropped 120.83 points or 0.16 per cent to end at 74,781.76. The 50-share NSE Nifty slipped 79.70 points or 0.34 per cent to settle at 23,398.10.
"The market recovered from intraday lows, aided by value buying in select sectors, particularly IT, following a positive opening in European markets. Despite the rebound, weak market breadth suggests broader consolidation persists. While elevated crude prices, foreign outflows, and geopolitical uncertainty may keep volatility high, resilient domestic fundamentals and strong institutional support continue to attract buying at lower levels, limiting downside risks and supporting the medium-term outlook," Vinod Nair, Head of Research, Geojit Investments said.
According to Pabitro Mukherjee, Deputy Vice President Research, Bajaj Broking, the broader market also remained under pressure, with Nifty Midcap 100 declining 0.26 per cent, while Nifty Small cap 100 declined 0.58 per cent, indicating that the recovery was not broad-based and selling pressure continued across the broader market.
Among the Sensex pack, <a href="https://www.mid-day.com/business/business-news/article/hdfc-bank-stock-rises-nearly-3-per-cent-after-md-ceo-jagdishan-steps-down-23647586" target="_blank" rel="none noopener">HDFC Bank</a>, Tech Mahindra, HCL Tech, Eternal, Infosys and Bharat Electronics were the major gainers, while Tata Steel, Reliance Industries, Sun Pharma, Bajaj Finance and NTPC were among the laggards.
"Sector-wise, the session remained mixed, with BSE Private Banks, information technology and Bankex emerging among the key gainers. On the other hand, BSE Metal, auto, oil and gas and capital goods were among the major lagging sectors. The relative strength in banking and technology helped limit the downside in the benchmark, while weakness across metal, auto, energy and capital-goods segments kept the overall market tone subdued," Sachin Gupta, VP Technical Research at Choice Equity Broking said.
<h2>Global cues impacting the market indices</h2>
"A sharp spike in crude oil prices and concerns over a higher global rate environment weighed on domestic equities, extending the recent corrective trend. The higher producer inflation and strong US economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining FII outflows," Nair said.&nbsp;
Brent crude, the global oil benchmark, declined 3.19 per cent to USD 104.2 per barrel, while <a href="https://www.mid-day.com/business/stock-market/article/foreign-institutional-investors-offload-equities-worth-rs-7180-crore-amid-west-asia-crisis-23641524" target="_blank" rel="none noopener">Foreign Institutional Investors (FIIs)</a> offloaded equities worth Rs 438.24 crore on Thursday, as per news agency PTI.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Japan's Nikkei 225 and Hong Kong's Hang Seng index all settled lower.
(With inputs from PTI)

The Sensex sheds 120.83 points or 0.16 per cent to end at 74,781.76 while the Nifty lost 79.70 points or 0.34 per cent to settle at 23,398.10

Sensex, Nifty recover to pare losses as crude oil prices ease

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The 30-share BSE Sensex dropped 120.83 points or 0.16 per cent to end at 74,781.76. The 50-share NSE Nifty slipped 79.70 points or 0.34 per cent to settle at 23,398.10

Sensex, Nifty end marginally lower as crude oil prices ease; Sensex falls 120 points

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Home / Business / Business News / Article / Sensex, Nifty end marginally lower as crude oil prices ease; Sensex falls 120 points