Indian equities ended sharply lower for a third consecutive session on Friday, pressured further by weakness in technology shares and a worsening global macroeconomic backdrop that prompted foreign investors to scale back exposure to domestic assets. The S&P BSE Sensex fell 0.4% to 76,060 and the NSE Nifty 50 also declined 0.4% to 23,770, with both benchmarks closing at their lowest levels in more than a month.
Crude oil prices extended their strong gains in the session following Thursday’s close in Mumbai, as intensifying strikes between the US and Iran further disrupted energy supplies from the Middle East, including routes through the Red Sea and the Persian Gulf. Rising energy costs are set to increase India’s fuel import bill and exert additional pressure on the rupee, dampening foreign investor appetite for Indian equities.
Among financials, HDFC Bank and Axis Bank shed 9.4% and 7.6% over the week, respectively, after releasing their June-quarter results. In contrast, technology stocks edged higher, recouping a fraction of their steep losses earlier in the week.