Indian Equity Markets Slip Amid Rising Crude Oil Prices

Indian equity markets closed lower on Friday, with the Sensex ending down 300 points and the Nifty closing below 23,800.

The benchmark indices were influenced by rising crude oil prices, which surged significantly to top $100 per barrel. The Nifty 50 fell 102 points or 0.43% to close at 23,767, while the Sensex declined 332 points or 0.43% to settle at 76,059.77.

Eternal was the biggest loser of the Nifty 50, dropping 2.5%. Other significant losers included Bajaj Finance, Mahindra & Mahindra, and Shriram Finance. However, Nifty PSU Bank and IT services stocks managed to surge in today's weak market.

Vipin Kumar, Assistant Vice President of Research at Globe Capital Market, noted that the current chart texture remains negative as long as the index stays below 23,900 on a closing basis. Therefore, we suggest maintaining a 'sell on rise' strategy below this resistance level, he said.