Indian shares post fourth weekly loss as Ukraine crisis escalates, India News News

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Indian shares dropped over 1% to log their fourth consecutive week of losses on Friday, led by a decline in financials and metals stocks, as a worsening Ukraine crisis sent oil prices surging and stoked inflation fears.

The blue-chip NSE Nifty 50 index was down 1.53% at 16,245.35 at close, with most of its major sub-indexes seeing declines. The S&P BSE Sensex was down 1.4% at 54,333.81.

Both the indexes fell over 2% earlier in the session, touching their lowest since early-August last year, in their third consecutive session of losses.

Also read | Russia-Ukraine conflict: Airstrike near hostel as Indian students in Ukraine spend harrowing night in bunker

Ukraine authorities said on Friday Russian forces seized the largest nuclear power plant in Europe after a building at the complex was set ablaze during intense fighting with Ukrainian defenders.

Oil rose above $111 a barrel on Friday in a volatile session on fears over supply disruption to Russian oil exports after sanctions by Western sanctions. [O/R]

India is the world’s third-largest importer of crude oil, and rising prices push up its trade and current account deficit while hurting the rupee and fuelling imported inflation.

Also read | Russia-Ukraine conflict: Another Indian student shot in Kyiv, hospitalised

The Indian rupee breached 76 per dollar for the first time since mid-December, and settled 0.33% weaker at 76.16.

The Nifty’s bank index, financial services index and auto index were among the top losers, falling between 1% and over 3%.

The Nifty metals index and energy index on Friday snapped their four consecutive sessions of gains to end 3.2% and 1.9% lower, respectively. For the week, however, the energy and metals indexes saw gains of between 3.8% and 7%.

Watch | Day 9 of the Russian invasion of Ukraine: WION reports from the conflict zone

IT firm Wipro Ltd and Cigarettes-hotel conglomerate ITC Ltd were among the top percentage gainers on the Nifty 50, between 1% and 3%.

The Nifty IT index was the only gainer among major sub-indexes, rising 0.14%. For the week, the index rose over 2%.

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