Indian equities ended a bruising week, with the Nifty falling 2.33% as benchmarks declined in all five sessions. The Sensex closed Friday at 76,059 and the Nifty at 23,767, the lowest close since mid-June.
The week began on a weak footing after June-quarter earnings from large private lenders disappointed on margins. HDFC Bank, Axis Bank and Kotak Mahindra Bank saw sharp selling on net interest margin compression, while ICICI Bank and PSU lenders were the notable exceptions. Sentiment deteriorated further as Red Sea tanker attacks and renewed US Iran hostilities pushed Brent crude more than 8% higher during the week. For a large crude importer like India, that revived worries around inflation, the import bill and corporate margins, compounded by a rupee hovering near record lows and persistent FII outflows.
Sectorally, defensives held up best: Nifty FMCG was the sole meaningful gainer, up 0.62%. Rate-sensitives bore the brunt, with Nifty Realty crashing 4.02%, the week's worst performer. Broader markets underperformed as midcaps and smallcaps saw heavier selling.
Precious metals stayed broadly steady with a safe-haven bid gold gained over 1% and silver advanced more than 2%. Crude, geopolitics and earnings remain the key monitorables next week.
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Credits: Visualcapitalist.com
