The Indian stock market extended its losing streak for a fifth consecutive session on Friday, July 24, as investors continued to assess mounting geopolitical risks to global energy supplies. Weaker-than-expected June-quarter earnings from IT major Infosys and airline operator IndiGo further dampened market sentiment.
After declining 0.53% in the previous session, the Nifty 50 slipped another 0.43% to close below the 23,800 mark at 23,767. The S&P BSE Sensex also ended 0.43% lower at 76,408, extending its losing streak to a fifth straight session.
For the week, both the Nifty 50 and Sensex declined more than 2.5%, marking their worst weekly performance in four months.
The broader market also ended in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 0.10% and 0.32%, respectively.
Hostilities in the Middle East entered their 13th consecutive day, with tensions escalating further after Yemeni Houthi fighters reportedly struck two Saudi oil tankers in the Red Sea, extending the conflict to a second major global shipping chokepoint.
U.S. President Donald Trump vowed “major military punishment” for Iran and its Houthi allies over the attacks.
Meanwhile, crude oil prices remained under pressure to the upside and were on track for another double-digit weekly gain, after surging nearly 15% last week.
Persistently higher crude oil prices pose a significant risk to India—the world’s third-largest importer and consumer of crude oil—as they could fuel inflation, widen the trade deficit, and weigh on economic growth and corporate profitability.
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