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Nifty extends seventh weekly loss as crude, yields pressure markets

Nifty extends seventh weekly loss as crude, yields pressure markets
Nifty posts seventh straight weekly loss, crude and global yields keep bulls at bay · thehindubusinessline.com

India’s main stock market recovered a little on Friday after a large fall the day before.

However, it still lost money for the seventh week in a row.

Expensive oil and high United States government bond yields made investors cautious.

Foreign investors also continued taking money out of the market.

The Nifty 50 stayed above the important 23,000 level.

Some areas, such as car companies, real estate and consumer goods, performed well.

Technology and healthcare stocks were weaker.

Investors will watch economic reports and news about oil supplies next week.

Better news about the Strait of Hormuz could help markets, while new conflict could hurt them.

Key facts

Nifty 50 Friday close
23,140.50, up 77 points or 0.34%
Weekly Nifty performance
Down 0.88%, its seventh straight weekly decline
Sensex Friday close
73,895.74, up 0.43%
Brent crude
About $105.3 a barrel after easing around 1.2%
United States 10-year yield
Near 5.2%, close to its highest level since 2007
Key Nifty support
The 23,000 level
Rupee close
95.81 against the dollar, up 15 paise
India VIX
12.13 after declining 3.4%

Quotes

Ajit Mishra

SVP-Research at Religare Broking

“Volatile crude and bond yields at elevated levels kept the market recovery capped”
thehindubusinessline.com
“23,000 remains the key near-term support”
thehindubusinessline.com

Sources

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