The SENSEX Index Closes 1.27% Lower

India's BSE Sensex fell further to close about 1.4% lower at 78,919 on Friday, after a rebound the prior session, pressured by sustained foreign outflows and ongoing global economic concerns linked to the Middle East crisis. The ongoing conflict has raised concerns of a wider energy supply shock, pushing crude prices higher, reviving inflation pressures, and clouding the global growth outlook. Eternal, ICICI Bank and Axis Bank were among the major laggards while defense company Bharat Electronics (1.8%) posted the biggest gains. Reliance Industries gained about 1.1%, following reports that discounted Russian crude could reduce feedstock costs and potentially boost the company’s refining margins. For the week, the index recorded a 2.9% decline.

The SENSEX Index fell -1017 points or 1.27 percent on Friday to close at 78999 points. Leading the losses are ICICI Bank (-3.13%), Eternal Limited (-2.54%) and Axis Bank (-2.53%).

India’s BSE Sensex fell around 0.4% to 79,704 in morning trade on Friday, retreating from gains in the previous session as escalating geopolitical tensions in the Middle East lifted oil prices and dampened global risk appetite. Crude prices surged to a 20-month high amid fears that the widening conflict could disrupt energy supplies and shipping routes in the region, raising concerns about renewed inflationary pressures and widening fiscal deficits. However, the US issued a 30-day waiver permitting purchases of Russian crude cargoes already in transit, offering temporary relief to supply concerns. Sectors posted losses, including financials, consumer durables, communications, and industrials. Among early laggards were InterGlobe (-2.4%), Larsen & Toubro (-1.5%), ICICI Bank (-1.7%), HDFC Bank (-1.3%), and BSE Ltd (-0.6%). In early trading, the index is down 2% for the week.