Now Reading: Nifty falls for fourth day; crude above $87 on US-Iran blockade
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Nifty falls for fourth day; crude above $87 on US-Iran blockade
Nifty falls for fourth day; crude above $87 on US-Iran blockade
The Nifty 50 fell for the fourth consecutive session on Friday, closing at 24,366, down 30 points, as elevated crude oil prices and renewed US-Iran tensions kept investors wary. The BSE Sensex…
The Story in Brief
The Nifty 50 fell for the fourth consecutive session on Friday, closing at 24,366, down 30 points, as elevated crude oil prices and renewed US-Iran tensions kept investors wary. The BSE Sensex lost 71 points to end at 78,009. Gift Nifty pointed to a muted start, trading at a discount of about 29 points.
Brent crude held near $87 a barrel after the US signalled an indefinite naval blockade of Iran, reviving supply disruption fears. The Indian rupee slipped to around 95.43 against the dollar. Broader market indices also fell, with the Nifty Midcap 100 shedding 0.53% and the Smallcap 100 losing 0.69%. Markets ended the week 0.83% lower, with crude and geopolitical uncertainty likely to keep them range-bound next week.
The Indian Opinion
Some analysts paint a dire picture of endlessly rising crude and a trapped market, but the IEA has already cut its global oil demand forecast, and US inflation eased more than expected in July. The fear that the Fed will hike rates aggressively is also overblown, markets price only a one-in-three chance of a September hike. Instead of buying into alarmist headlines, watch whether Nifty can defend the 24,325 support zone next week and whether Brent crude sustains above $90 before drawing conclusions.
Sources (2): livemint.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
