Indian shares dropped over 1% to log their fourth consecutive week of losses on Friday, led by a decline in financials and metals shares, as a worsening Ukraine disaster despatched oil costs surging and stoked inflation fears.
The blue-chip NSE Nifty 50 index was down 1.53% at 16,245.35 at shut, with most of its main sub-indexes seeing declines. The S&P BSE Sensex was down 1.4% at 54,333.81.
Each the indexes fell over 2% earlier within the session, touching their lowest since early-August final yr, of their third consecutive session of losses.
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Ukraine authorities stated on Friday Russian forces seized the biggest nuclear energy plant in Europe after a constructing on the complicated was set ablaze throughout intense combating with Ukrainian defenders.
Oil rose above $111 a barrel on Friday in a risky session on fears over provide disruption to Russian oil exports after sanctions by Western sanctions. [O/R]
India is the world’s third-largest importer of crude oil, and rising costs push up its commerce and present account deficit whereas hurting the rupee and fuelling imported inflation.
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The Indian rupee breached 76 per greenback for the primary time since mid-December, and settled 0.33% weaker at 76.16.
The Nifty’s financial institution index, monetary companies index and auto index have been among the many high losers, falling between 1% and over 3%.
The Nifty metals index and vitality index on Friday snapped their 4 consecutive classes of good points to finish 3.2% and 1.9% decrease, respectively. For the week, nevertheless, the vitality and metals indexes noticed good points of between 3.8% and seven%.
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IT agency Wipro Ltd and Cigarettes-hotel conglomerate ITC Ltd have been among the many high share gainers on the Nifty 50, between 1% and three%.
The Nifty IT index was the one gainer amongst main sub-indexes, rising 0.14%. For the week, the index rose over 2%.