The SENSEX Index Closes 0.43% Lower

Indian stocks closed sharply lower for a third session on Friday amid further pressure from tech companies, while the deteriorating macroeconomic backdrop drove foreign funds to limit exposure to Indian assets. The S&P/BSE Sensex dropped 0.4% to 76,060 and the NSE Nifty 50 dropped 0.4% to 23,770, both at their lowest in over one month. Crude oil prices rose sharply for another session following yesterday's Mumbai close as escalating strikes between the US and Iran further tightened energy supply from the Middle East, both in the Red Sea and Persian Gulf. The higher energy costs lift petrol imports for India and pressure the rupee, reducing demand for Indian stocks in foreign markets. HDFC Bank and Axis Bank lost 9.4% and 7.6% on the week, respectively, after posting their June-quarte results. Meanwhile, tech stocks inched up following their sharp losses this week.

The SENSEX Index decreased 332 points or 0.43 percent on Friday to close at 76060 points. The decline was led by Eternal Limited (-2.16%), Bajaj Finance (-2.11%) and Mahindra & Mahindra (-2.00%). On the upside, the strongest performers were HCL Tech (1.95%), ITC (0.94%) and Reliance Industries (0.65%).

India’s BSE Sensex fell a further 0.9% to around 75,688 on Friday, extending its losing streak to a fifth consecutive session and touching its lowest level since June 12, as surging crude oil prices and weak corporate earnings continued to weigh on investor sentiment. Brent crude climbed above the $100-per-barrel mark following renewed tensions in the Middle East. The rise in oil prices also pressured the Indian rupee, which hovered near a record low against the US dollar, adding to concerns over higher import costs and the broader impact on corporate profitability. Weak quarterly earnings reports also weighed on sentiment. Infosys declined after reporting weaker-than-expected results, while InterGlobe Aviation also came under pressure following a softer earnings report. Among individual stocks, notable laggards included Swiggy (-6.5%), Shadowfax Tech (-5.3%), InterGlobe Aviation (-2.4%), Bluestone Jewellery (-1.9%), Eternal (-2.1%), and Infosys (-1.8%).