India's Nifty 50 ended Friday lower for a fourth consecutive session as crude costs and Middle East supply concerns weighed on sentiment, leaving the benchmark at 22,600 before Monday's trading.
The index lost 87.65 points, or 0.39%, and reached an intraday low of 22,372 on Oct. 23, LSEG historical data show.
The slide came as provisional combined cash-market data from the Metropolitan Stock Exchange of India showed net purchases of ₹887.65 crore by foreign investors and ₹3,235.36 crore by domestic institutions. The figures covered trading on MSE, the National Stock Exchange of India and the Bombay Stock Exchange, and the exchange said they may be revised.
Brent crude futures traded around $114 a barrel during Indian trading Friday, Reuters reported, as supply worries followed attacks on Saudi Arabia by Yemen's Houthis. Rushabh Sheth, co-founder and co-CIO at Karma Capital, told Reuters, “Oil is an immediate pressure point.” The Associated Press later reported that Brent futures settled at $116.72 a barrel, up 3.1%. Reuters also said rising oil prices clouded earnings prospects for consumer durables, energy, fast-moving consumer goods and auto companies.
The broader small-cap and mid-cap segments also fell over the week, Reuters reported, by 7.3% and 5.6%, respectively. The outlet said both segments had their weakest weekly performance in 20 months.
Reports differed by one paisa on the rupee's Friday close. The Economic Times put it at ₹94.93 per U.S. dollar, while Moneycontrol reported ₹94.94; both said the currency fell 12 paise.
Analyst estimates for Nifty support also varied. The Economic Times' Monday premarket report listed support at 22,600 and immediate resistance at 22,850, while another section gave resistance levels of 22,800 and 23,000. Moneycontrol quoted Ajit Mishra, senior vice president of research at Religare Broking, with support at 22,200–22,400. Nagaraj Shetti, senior technical research analyst at HDFC Securities, put support around 22,200–22,300 and resistance near 22,800. These are analyst estimates, not confirmed market data.
Mishra told Moneycontrol that prolonged crude strength could pass through to domestic prices and weigh on corporate profitability and the rupee. Trading resumes Monday, Oct. 26, with Indian corporate earnings, U.S. inflation data and a Federal Reserve policy meeting on the coming week's calendar, according to The Economic Times and the Associated Press.
