India stocks set for worst week in four months as crude tops $100
INDA•Sector moves and company results
Fifteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fell 1.3% and 1%, respectively.
Infosys INFY.NS lost about 1% and Interglobe Aviation INGL.NS fell about 2.2% after subdued June quarter results.
Oil marketing companies BPCL BPCL.NS, HPCL HPCL.NS and Indian Oil IOC.NS fell about 2% each on rising crude oil prices.
Ramco Systems RMCS.NS fell 10% on posting a quarterly profit drop.
Bucking the broader trend, Cyient CYIE.NS and Suryoday Small Finance Bank SURO.NS gained 2% and 7%, respectively after they posted a rise in June quarter profit.
Indian shares fall as oil prices rise
Indian shares fell on Friday, pressured by the rise in oil to above $100 per barrel as the Middle East crisis escalates, while a slide in IT company Infosys and airline operator IndiGo on weaker-than-expected earnings further hurt sentiment.
Oil and Middle East tensions weigh on sentiment
U.S. President Donald Trump promised a "major military punishment" for Iran and its Houthi allies on Thursday after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint.
Higher oil prices pose a key risk for India, the world's third-largest crude importer and consumer, by stoking inflation, widening the trade gap, and squeezing growth and corporate margins.
"The concerns over Mideast tensions have been further amplified this week by a sharp rise in crude oil prices, hurting investor sentiment," said Sunny Agrawal, head of fundamental research at SBI Securities.
