Indian stock markets opened in the red on Friday, with both benchmark indices slipping in early trade as rising crude oil prices and global uncertainty weighed on investor sentiment.
The Nifty 50 began the session at 24,656.40, down 109.50 points or 0.44 per cent, while the BSE Sensex opened at 79,658.99, falling 356.91 points or 0.45 per cent.
Market analysts said crude oil prices remain a key factor guiding market direction amid geopolitical tensions.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the recent rise in oil prices has been noticeable but not as sharp as spikes seen during earlier geopolitical crises.
“As the war continues and uncertainty remains high, markets will be influenced by crude prices. Although crude has risen about 16 per cent since the conflict began, this increase is still moderate compared with earlier crises that disrupted global oil supplies,” Vijayakumar said.
He added that the global market currently has substantial oil supply, which has prevented a sharper surge in prices.
According to Vijayakumar, crude prices could fall once tensions in West Asia ease, which may support a recovery in equities. However, he cautioned that the level of Brent crude will remain crucial for market movement.
“If Brent crude remains around USD 85 per barrel, the impact on markets may remain limited. But if prices rise beyond USD 90 and move toward USD 100, it could affect markets globally,” he said.
Selling pressure was also visible across broader indices on the National Stock Exchange (NSE). The Nifty 100 opened lower by 0.41 per cent at 25,316, while the Nifty Midcap 100 declined 0.17 per cent and the Nifty Smallcap 100 slipped 0.09 per cent.
Sectoral indices largely traded in negative territory during the opening session. Nifty Auto fell 0.44 per cent, Nifty FMCG declined 0.31 per cent, Nifty IT dropped 0.17 per cent, and Nifty Metal slipped 0.30 per cent. Banking stocks also saw pressure, with Nifty Private Bank down 0.78 per cent and Nifty Consumer Durables falling 0.36 per cent.
Meanwhile, Brent crude was trading at USD 84.46 per barrel at the time of reporting.
Precious metals also remained elevated. Gold prices stood at Rs 1,60,894 per 10 grams for 24-karat gold, while silver prices rose 2.31 per cent to Rs 2,68,299 per kg at the opening.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said technical indicators suggest the possibility of a pullback in the markets.
“A bullish candle on the daily chart indicates a likely continuation of the pullback formation. Key support zones are at 24,600/79,500 and 24,500/79,200. Above these levels, the market may move toward 24,950–25,000 and 80,500–80,700,” he said.
However, he added that a fall below 24,500/79,200 could weaken sentiment and push the market toward 24,300/78,600 levels.
Across Asia, market performance was mixed on Friday. Japan’s Nikkei 225 rose 0.19 per cent, while Hong Kong’s Hang Seng Index gained 1.70 per cent. In contrast, Singapore’s Straits Times Index declined 0.19 per cent, Taiwan’s Taiwan Weighted Index slipped 0.04 per cent, and South Korea’s KOSPI dropped 1.56 per cent.
In the United States, markets ended lower on Thursday. The Dow Jones Industrial Average fell 1.61 per cent, the S&P 500 declined 0.56 per cent, and the Nasdaq Composite dropped 0.25 per cent.
-ANI
