Indian Stocks Dip Marginally Amid Crude Oil Price Volatility
The Indian stock market closed marginally lower on Friday despite a recovery from early lows. The Sensex and Nifty indices declined by 0.16% and 0.34%, respectively, to settle at 74,781.76 and 23,398.10.
The decline in crude oil prices and late buying in IT stocks, particularly HDFC Bank, helped limit the fall. However, Brent crude remains elevated at $104/barrel, causing concerns over inflation and import bills.
Among the Sensex firms, Tata Steel, Reliance Industries, Sun Pharma, Bajaj Finance, NTPC, Power Grid, Larsen & Toubro, and Axis Bank were the major laggards. HDFC Bank, Tech Mahindra, HCL Tech, Eternal, and Infosys, on the other hand, were among the gainers.
According to Vinod Nair, Head of Research at Geojit Investments Ltd, 'the market recovered from intraday lows, aided by value buying in select sectors, particularly IT.' He added that 'despite the rebound, weak market breadth suggests broader consolidation persists.'