Nifty, Sensex Drop Amid Crude Oil Price Surge

The Indian equity benchmarks, Nifty and Sensex, posted significant losses for the fifth consecutive week due to rising crude oil prices and global interest rates. The Nifty declined by 2.09% during the week and shed 0.34% on the last trading day to reach 23,398. At close, Sensex was down 120 points, or 0.16%, at 74,781.

Analysts pointed out that global macro developments weighed on investor sentiments, with a firmer US inflation backdrop and rising Treasury yields reinforcing expectations of a higher-for-longer rate environment and tightening global financial conditions.

The sell-off was broad-based, with major sectors ending lower during the week. Nifty realty emerged as the biggest loser on NSE down 6.54% on a weekly basis, while the Nifty IT index shed around 5.78% during the week.