Surging oil prices drag Indian shares to weekly losses

Indian equities ended lower on Friday and recorded weekly declines as rising crude prices and Middle East tensions raised inflation and earnings concerns, Business Recorder reported. The Nifty 50 slipped 0.39% to 22,600, while the Sensex fell 0.17% to 73,123.83. For the week, the indexes lost 2.4% and 2.2%, respectively, as Brent futures climbed to about $114 amid fears of disrupted supplies after attacks on Saudi Arabia.

Fifteen of 16 major sectors fell over the week. Small-cap and mid-cap shares dropped 7.3% and 5.6%, their steepest weekly declines in 20 months, while consumer durables, energy, FMCG and auto stocks also weakened. Analysts cited demand for Jio Platforms’ $3.2 billion IPO as another drain on market liquidity. HDFC Bank and Axis Bank fell after missing profit estimates, while Colgate-Palmolive India declined 4.8% following a quarterly earnings miss.