Punjab Newsline | New Delhi
Indian equity markets opened sharply lower on Friday as surging crude oil prices intensified concerns over inflation and economic growth. Brent crude briefly crossed the $100-per-barrel mark before trading at $99.93 per barrel, adding pressure on investor sentiment.
Nifty 50 opened 200 points lower at 23,666, while the Bank Nifty declined 422 points to 56,169 in early trade. The weakness came amid rising global uncertainty and higher energy costs.
Asian markets also presented a mixed picture. Japan's Nikkei plunged 2.83%, while Hong Kong's Hang Seng Index gained around 1.25%, reflecting divergent investor sentiment across the region.
Market breadth remained heavily negative, with the Nifty 50 advance-decline ratio at 5:45, indicating that only five stocks advanced while 45 declined.
Among the top gainers on the Nifty were Cipla, HCL Technologies, Adani Enterprises, TCS, and Coal India. On the losing side, Shriram Finance, Eternal, Infosys, Bajaj Finance, and Dr. Reddy's Laboratories were the biggest drags on the index.
Analysts said that the sharp rise in crude oil prices has heightened concerns over inflation, increased import costs, and pressure on corporate earnings, prompting investors to adopt a cautious approach.
