Sensex, Nifty end marginally lower as oil prices rise on Strait of Hormuz concerns

Indian shares closed slightly lower on Friday after oil prices rose on news that the U.S. might keep its naval blockade at the Strait of Hormuz indefinitely, stoking worries about energy supply and inflation.

The Sensex slipped 71 points (0.09%) to 78,009.25, while the Nifty dropped 29.85 points (0.12%) to 24,366.00.

Analysts noted that the Nifty stayed mostly under the 24,400 mark, with the 24,300‑level acting as a key support zone where buying interest appeared. In the latter part of the session, a brief bounce pushed the index above 24,400 to an intraday peak of 24,405, but selling pressure emerged immediately, underscoring stubborn resistance at higher levels.

“On the downside, the 24,300‑24,250 band offers the nearest support,” said an analyst.

Investor mood stayed wary as climbing crude prices heightened fears over India’s import bill, given the country’s status as one of the top global oil importers.

The lingering uncertainty over the Strait of Hormuz, a crucial conduit for world energy shipments, further dampened appetite for risk.

Within the Nifty basket, Tata Motors Passenger Vehicles, Jio Financial Services and Oil & Natural Gas Corporation (ONGC) led the declines, weighing on the benchmark indices.

The wider market also felt selling pressure; the Nifty MidCap slipped 0.53% and the Nifty SmallCap fell 0.69%.

Sector-wise, the Nifty Consumer Durables index topped the list, advancing close to 1% as selective buying emerged in discretionary consumer stocks.

Conversely, the Nifty Pharma and Nifty Realty indexes lagged, ranking among the poorest performers.

Experts added that, despite the modest dip in the main indices, market participants kept a close eye on Middle‑East developments and their possible repercussions for worldwide energy markets.

“A steady rupee, easing of India’s 10‑year bond yield and a slow uptick in foreign institutional investor inflows are lending support to the domestic macro backdrop and helping steer inflation on a gentler path,” remarked a market specialist.