Indian Equity Market Declines for Fifth Straight Week Amid Oil Price Surge
The Indian equity market has faced significant losses for five consecutive weeks, with the Nifty index declining by 2.09% and the Sensex falling by 2.27%. The main contributors to this downturn were surging crude oil prices, global interest-rate concerns, foreign selling, and geopolitical risks.
Crude oil prices rose sharply during the week, with WTI Crude increasing over 9.5% and Brent crude rising more than 8.5%. This surge in crude prices has heightened India's inflation risks and external-sector risks, potentially raising input costs and pressure on corporate margins.
The sell-off was broad-based, with major sectors ending lower during the week. The Nifty realty index emerged as the biggest loser, down 6.54% on a weekly basis. The Nifty IT index also saw significant losses, shedding around 5.78% during the week.