Sensex, Nifty snap two-week winning streak, fall over 2% as crude tops $117
Indian equities snapped a two-week winning streak in a holiday-shortened week, with the Sensex falling 2.1% and the Nifty 2.4% as Brent crude surged to a six-month high above $116 a barrel.
On Friday, the final trading day of the week, the Sensex slipped 125.56 points to 73,123.83 and the Nifty shed 87.65 points to 22,600.00, extending the losing run to four straight sessions as geopolitical tensions and crude prices kept investors cautious.
Mid- and small-cap stocks bore the brunt of the sell-off, with the Nifty Midcap 100 down 5.6% and the Smallcap 100 down 7.3% for the week. Adani Enterprises was among the top large-cap losers.
Analysts say the short-term structure has weakened, with the Nifty facing resistance near 22,800 and the Sensex finding support around 72,500-72,600. Investors now watch the US Federal Reserve's policy decision and crude prices for direction.
