India’s benchmark indices ended a turbulent week with modest gains on Friday, but sharp swings driven by global cues and a spike in crude oil prices kept investors on the edge.
The Nifty 50 closed at 25,571.25, while the BSE Sensex settled at 82,814.70, both rising around 0.4% on Friday. For the week, however, gains remained muted at roughly 0.2–0.4%, as frequent intraday reversals capped upside momentum and signalled consolidation rather than a clear directional trend.
Sectoral divergence
The week was defined by clear sectoral rotation rather than broad-based participation. Power, capital goods and banking stocks led the gains. The BSE Power index rose 2.6%, supported by optimism around infrastructure and renewable energy spending. Capital goods advanced 2.1% on the back of strong order visibility. Banking stocks remained firm, with the Bankex rising 2% to a lifetime high of 69,153.76, supported by stable asset quality and steady credit growth.
In contrast, export-oriented and consumption-linked sectors lagged. The IT index fell 1.7%, making it the worst performer amid uncertainty over global demand and muted guidance from large IT companies. Auto stocks declined 1.3%, while realty shares edged 0.4% lower as investors booked profits after recent gains.
“The market is rewarding earnings visibility and domestic capex exposure,” said Harshal Dasani, business head of INVasset PMS. He noted that power, capital goods and banks are benefiting from strong order inflows, healthy balance sheets and stable asset quality, while technology and consumption stocks are under pressure due to global demand concerns and margin worries.
Mixed global cues
While Indian equities finished flat, key global markets closed the week on a higher note. South Korea’s Kospi surged 5.5%, while the UK’s FTSE 100 and France’s CAC 40 gained 2.7% and 2%, respectively. Brazil, Germany and Indonesia also posted gains between 0.7% and 1.1%. Japan’s Nikkei 225 and Hong Kong’s Hang Seng were the only major indices to end in the red.
According to Dasani, “Global performance this week was driven by local macro triggers, with capital rotating tactically across regions based on valuations and near-term catalysts. Indian markets, coming off a strong multi-month rally, are currently digesting gains amid selective profit booking.”
Crude spikes
A key overhang was the sharp rise in crude oil prices. Brent crude climbed above $72 per barrel, its highest level since July 2025, amid escalating geopolitical tensions between the US and Iran. Shares of oil marketing companies such as HPCL, BPCL and IOC fell 2–4% during the week, as investors factored in possible margin pressures.
“India’s dependency on imported crude is very high. As a result, any meaningful rise in crude oil will negatively impact India’s current account deficit, inflation and fiscal deficit. Currently, geopolitical risk is increasing, which can keep crude oil prices at elevated levels,” said Sumit Pokharna, vice president, fundamental research, Kotak Securities.
Stock-specific swings
Meanwhile, stock action remained sharp, with several BSE 500 companies witnessing double-digit moves. Among the laggards, Brainbees Solutions dropped 18.6% after its Q3FY26 loss widened. Ola Electric Mobility fell 14% amid reports that it is scaling back its physical retail footprint amid cooling EV demand and rising competition.
The ones that jumped include Godfrey Phillips, which surged nearly 20% on reports of cigarette price hikes, and Newgen Software Technologies, which rose 16.3% on steady deal wins.
What’s next
In the coming week, US-Iran tensions, crude volatility and US Federal Reserve signals will likely keep the markets jittery. “The release of India’s GDP data next week will be keenly watched for its implications on earnings momentum and broader market positioning,” said Vinod Nair, head of research, Geojit Investments Ltd.
