Indian shares slipped further on Friday morning as rising crude-oil prices outweighed a rebound in IT stocks. The BSE Sensex touched an intraday low of 72,487.47, down 761.92 points from Thursday’s close, while the Nifty 50 fell to 22,407.05, down 280.30 points, during morning trade.
Both indices had opened higher before reversing course, extending their losing run to a fourth session. The benchmarks had lost about 2 per cent over the previous three sessions as Brent crude rose to about $114 a barrel amid energy-supply concerns following attacks on Saudi Arabia by Yemen’s Houthis.
The broader market also looked weak. Mid-cap and small-cap indices fell 2.5 per cent and 3.4 per cent, respectively.
Tech stocks offered some support. The Nifty IT index rose 1 per cent even as Asian technology shares weakened after an overnight drop in the Nasdaq. Market watchers are of the opinion that Indian IT firms are being viewed as a relative hedge because they may benefit from demand for AI consulting, integration and managed services without bearing the heavy capital costs faced by global tech companies.
Investors will also watch key upcoming earnings announcements. Infosys, JSW Steel and Dr Reddy’s Laboratories are among the companies scheduled to announce their September-quarter results today.
Jio Platforms’ initial public offering closes for subscription as well on its last day.
The earnings updates might determine whether individual stocks find support despite the broader risk-off mood. For now, however, crude remains the market’s central concern.
