Indian equity benchmarks Nifty and Sensex ended lower for the seventh straight week as high crude prices, rising US bond yields and foreign institutional selling weighed on markets.
Domestic equity benchmarks opened sharply lower on Wednesday weighed down by a surge in crude oil prices after the US and Iran exchanged strikes overnight, escalating tensions in the Middle East.
Mumbai: The combined market capitalisation of seven of India’s 10 most-valued companies declined by around Rs 1.13 lakh crore last week, in line with a weak trend in the broader equity market. Bharti Airtel and Reliance Industries were the biggest laggards during the week. The benchmark Sensex fell 276.32 points, or 0.35 per cent, while.
The Sensex fell 493 points while the Nifty declined 133 points on Tuesday as global tensions and weakness in IT, realty and PSU banking stocks weighed on markets.
Nifty companies reported 18% year-on-year profit growth in Q1 FY27, marking a 10-quarter high, while mid- and small-cap earnings also posted strong gains.