Indian stocks end week down over 2% as crude rises
Indian stock markets wrapped up the week in the red, with both Sensex and Nifty dropping over 2%.
The main culprit? Crude oil prices just hit a five-month high, putting extra pressure on companies and investors.
By Friday's close, Sensex was at 73,123.83 (down 0.17%) and Nifty ended at 22,600.00 (down 0.39%).
Metals, real estate, PSU banks selloff
Rising oil costs led to widespread selling across all sectors, especially metals, real estate, and PSU banks, which took a hit.
Investors are pulling back from riskier bets as higher energy prices push up business costs across the board.
As Anant Ladha, Founder of Invest Aaj For Kal, told Times Now Digital, "Crude is trading past 113 dollars per barrel, so till the time we don't see it going below 90 or 85 dollars per barrel, it will always be a headwind whenever stock markets will try to rise."