Nifty 50 Hits Four-Week Losing Streak as US-Iran Tensions Drive Oil Prices Up
· Business · Economic Times, Bloomberg
The Nifty 50 index extended its losing streak to four consecutive weeks, its longest in five months, as escalating US-Iran hostilities pushed crude oil prices higher and weighed on market sentiment. The index closed at 23,897.70 on Friday after a 1.2% weekly decline, remaining below key moving averages and struggling to sustain gains above the 24,000 psychological mark. Tata Motors, Rail Vikas Nigam (RVNL), Mazagon Dock Shipbuilders, Eicher Motors, and Lupin are among the companies in focus due to recent corporate developments, including Lupin’s US FDA approval. Meanwhile, oil marketing companies (OMCs) remain under scrutiny after the US struck Iranian oil tankers following missile attacks on US Navy ships. RVNL secured an Rs 118 crore order from Maharashtra State Electricity Transmission Company Limited (MSETCL) for an AI-based substation project.
Why it matters
Investors and traders face heightened volatility in the market, with crude oil price fluctuations directly impacting fuel costs and inflation in India. Corporate developments like Lupin’s FDA approval and RVNL’s AI project order could influence sectoral performance, while oil companies brace for potential disruptions in global supply chains. The broader market’s inability to break above 24,000 signals continued caution among investors amid geopolitical tensions.
Read the original report — Economic Times
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