Indian shares slipped on Friday at the end of a turbulent week as investors weighed swings in crude oil prices and fast-paced events in the Ukraine crisis.
The blue-chip NSE Nifty 50 index (NIFTY) lost 0.19% to 17,189.20, while the benchmark S&P BSE Sensex (.BSESN) fell 0.21% to 57,475.71 by 0503 GMT.
Both indexes are on track for weekly losses of about 0.6%, set to snap two straight weeks of gains. Reflective of the volatility, the indexes flitted between gains of 1% and losses of 1.6% for the week.
Russia’s invasion of Ukraine, which has entered its second month, has fuelled a surge in commodity and crude prices, weighing on domestic sentiment and adding to fears of higher inflation.
The country imports more than 80% of its oil needs, and state-run fuel retailers have hiked petrol and diesel pump prices three times this week.
“One day there is some hope of resolution, so crude comes down, metal prices come down, next day again there is some issue and they go up again” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
“If you look at Indian markets, for the last five days we have been stuck in a range,” Khemka added.
Consumer, information technology and pharmaceutical stocks declined on Friday.
Among other individual share moves, InterGlobe Aviation (INDIGO), the parent of top airline IndiGo, gained 3.9% after J.P. Morgan upgraded its rating on the stock.