Indian equity benchmarks made negative start on Friday as investors weighed ongoing tensions in West Asia and the continued blockade at the Strait of Hormuz, which remains a key concern for global energy supplies. Sensex and Nifty soon extended their losses and were trading with cut of around 0.90% in early deals due to selling in IT and Teck stocks. Also, rising crude oil prices and continued foreign investor selling kept sentiment weak. Foreign Institutional Investors (FIIs) extended their selling streak for the fourth consecutive session and offloaded equities worth Rs 3,254.71 crore. Some cautiousness also came as RBI bulletin said persistent conflict in West Asia and supply chain disruptions could pose challenges to the domestic economy in the form of higher energy costs, input cost pressures, disruption in trade flows and financial market spillovers.

On the global front, Asian markets were trading mostly lower as oil prices surged and geopolitical risks intensified. Traders avoided to take risk amid concerns over the US-Iran conflicts and its potential impact on energy supplies. In stocks specific development, Infosys traded under pressure after its Q4FY26 results. The firm posted a 20.9 per cent year-on-year (Y-o-Y) increase in net profit to Rs 8,501 crore for Q4, while revenue rose 13.4 per cent to Rs 46,402 crore. However, the company guided for a modest 1.5-3.5 per cent revenue growth in constant currency (CC) for FY27, lower than last year’s 3-3.5 per cent outlook.

The BSE Sensex is currently trading at 76938.89, down by 725.11 points or 0.93% after trading in a range of 76862.81 and 77710.82. There were 4 stocks advancing against 26 stocks declining on the index.

The top losing sectoral indices on the BSE were IT down by 2.80%, TECK down by 2.47%, Telecom down by 1.69%, Utilities down by 1.37% and Power down by 0.99%, while there was no gainer on the BSE sectoral front.

The few gainers on the Sensex were Mahindra & Mahindra up by 0.60%, Ultratech Cement up by 0.25%, SBI up by 0.05% and Interglobe Aviation up by 0.01%. On the flip side, HCL Technologies down by 4.02%, Infosys down by 3.79%, Tech Mahindra down by 2.42%, Sun Pharma down by 2.33% and TCS down by 2.16% were the top losers.

Meanwhile, amid disruptions caused by the West Asia crisis, India and Qatar have held discussions on ways to boost bilateral trade and strengthen supply chain resilience. Bilateral trade between the two countries stood at $14 billion in 2024-25, and both sides aim to double this figure by 2030. They are also exploring the possibility of negotiating a Comprehensive Economic Partnership Agreement (CEPA).

Commerce and Industry Minister Piyush Goyal held a meeting with Qatari Minister of State for Foreign Trade Affairs Ahmed bin Mohammed Al Sayed, where they discussed ways to further enhance trade and investment ties while strengthening supply chain resilience. Goyal stated that both sides are looking forward to deepening their strategic partnership in the years ahead.

Goyal also recently held discussions with trade ministers from other members of the Gulf Cooperation Council (GCC), which include Saudi Arabia, the United Arab Emirates, Bahrain, and Kuwait. India is currently in the process of negotiating a free trade agreement with the GCC.

Meanwhile, the attacks by the US and Israel on Iran have led to severe disruptions in the movement of cargo ships in international waters, particularly affecting routes to West Asian nations. The conflict has created significant challenges for exporters shipping goods to the Gulf region, with which India recorded bilateral trade of $178 billion in 2024-25 ($56.87 billion in exports and $121.67 billion in imports).

The CNX Nifty is currently trading at 23959.10, down by 213.95 points or 0.89% after trading in a range of 23955.10 and 24206.00. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Coal India up by 1.59%, Nestle up by 0.94%, ONGC up by 0.72%, Mahindra & Mahindra up by 0.60% and Grasim Industries up by 0.60%. On the flip side, HCL Technologies down by 4.20%, Infosys down by 3.69%, Tech Mahindra down by 2.79%, Sun Pharma down by 2.53% and TCS down by 2.43% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite slipped 182.25 points or 2.47% to 7,196.36, KOSPI dropped 53.66 points or 0.83% to 6,422.15, Straits Times fell 29.04 points or 0.59% to 4,915.07, Shanghai Composite weakened 23.88 points or 0.58% to 4,069.37 and Hang Seng was down by 13.2 points or 0.05% to 25,902.00. On the other hand, Taiwan Weighted jumped 898.68 points or 2.38% to 38,612.83 and Nikkei 225 surged 335.77 points or 0.57% to 59,476.00.