Indian markets gain on Thursday but face sixth weekly loss
Indian shares rose Thursday as the rupee recovered, but indices saw a sixth weekly loss. High oil prices and war worries weighed on sentiment as growth slowed.
Equity markets in India managed a slight recovery on Thursday, driven by a significant rebound in the local currency following central bank intervention. Despite the daily gains, broader indices recorded their sixth consecutive weekly decline as geopolitical tensions in the Middle East continued to weigh on investor sentiment. The KOTAK NIFTY 50 finished the session 0.15% higher at 22,713.1, while the UTI BSE SENSEX ETF climbed 0.25% to reach 73,319.55, recovering from an earlier intraday drop of more than 2%.
The rupee surged 1.8% against the dollar, recovering from a record low hit in the previous session. However, the gains were not enough to offset a difficult week for the markets, which saw the primary benchmarks drop between 0.4% and 0.5% during the holiday-shortened period. Concerns regarding the conflict involving Iran persisted, especially as Brent Crude Oil climbed to $109 per barrel. This price spike followed statements from the United States indicating a more aggressive military posture in the region.
