Mumbai, March 14 (IANS) Indian equity benchmarks lost nearly 6 per cent on a weekly basis, reflecting sustained selling pressure amid escalating geopolitical tensions in West Asia.
Nifty dipped 5.31 per cent during the week and lost 2.06 per cent on the last trading day to reach 23,151. At close, Sensex was down 1,470 points or 1.93 per cent at 74,563. It advanced 5.52 per cent during the week.
The sharp correction has largely been driven by the surge in crude oil prices and rising macroeconomic concerns for energy-importing economies like India.
The Nifty Auto index plunged around 10–11 per cent, marking its worst weekly performance since March 2020, with each stock in the index seeing a strong sell off.
Shortages of LNG and LPG raise the risk of production disruptions, while potential constraints in CNG availability could alter consumer demand patterns, especially in urban markets where CNG vehicles have gained traction.
Sector-wise, banking, metal, and auto stocks were among the biggest drags on the last trading day of the week.
The sharp decline wiped out nearly Rs 9.5 lakh crore in investor wealth in a single session.
Broader indices performed in line with the benchmark indices during the week, as the Nifty Midcap100 declined 4.59 per cent, while Nifty Smallcap100 dipped 3.66 per cent.
Higher crude prices not only elevate inflation risks but also contribute to currency weakness, with the Indian rupee coming under pressure, further dampening investor sentiment, analysts said.
The Indian rupee weakened for the second consecutive week, settling at a fresh record low of 92.45 against the US dollar.
Analysts said that immediate support for Nifty is seen at 23,000 and immediate resistance is placed at 23,300 and 23,500 levels.
For Bank Nifty, 53,500 stands as the immediate support level, followed by 53,000, market participants said. On the upside, 54,000 acts as the immediate resistance, followed by 54,300 levels.
India VIX climbed above the 22 level, signalling heightened fear among market participants and expectations of wider price swings in the near term, analysts said.
—IANS
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