The Sensex and Nifty fell on Friday to end the week with losses of nearly 1 per cent, dragged down by fears that a surge in oil prices due to the Ukraine war could accelerate inflation and further sap growth in an economy already slowed by Covid-19.
The benchmark S&P BSE Sensex fell 0.41 per cent or 233.48 points to 57,362.20 and blue-chip NSE Nifty 50 index closed down 0.40 per cent or 69.75 points at 17,153.
Commodity prices have risen sharply since Russia invaded Ukraine, piling pressure on India which imports more than 80 per cent of its oil needs. State-run fuel retailers hiked petrol and diesel pump prices three times this week to keep up with surging crude prices, according to a Reuters report.
TOP STOCKS IN FOCUS
Consumer, information technology and pharmaceutical stocks were among the biggest drags on Friday.
The Nifty IT index and the Nifty Pharma Index fell 1 per cent and 0.9 per cent, respectively, after ending more than 1 per cent higher in the previous session.
The Nifty FMCG Index was down 0.8 per cent. Titan Co and Tech Mahindra were the top Nifty 50 percentage losers, falling 3.6 per cent and 2.4 per cent.
Among other individual share moves, InterGlobe Aviation, the parent of top airline IndiGo, gained 4.2 per cent after J.P. Morgan upgraded its rating on the stock.