Indian Markets Extend Losing Streak as Oil Prices Surge

Indian equity markets have extended their losing streak to four consecutive weeks due to surging crude oil prices and escalating U.S.-Iran hostilities. Despite strong domestic economic data, including a 7.8% GDP growth in the first quarter of FY27 and robust GST collections, investors remain cautious about the impact of higher crude prices on inflation, the current account, and corporate profitability.

The Nifty ended the week at 23,897.70, gaining 0.10% on Friday but still registering a weekly decline of around 1.2%. The Sensex closed at 76,515.43, rising 362.57 points or 0.48% on Friday, despite declining around 1% over the week.

The Brent crude price rose more than 8% during the week, while WTI crude gained over 9%, driven by renewed U.S.-Iran hostilities and concerns about potential disruptions to global energy markets.