Oil, rupee fail to cheer markets as investors turn wary ahead of polls

Mumbai (IANS): Key equity indices settled lower on Friday despite a sharp rebound in the domestic currency and a decline in global crude oil prices, as investors turned cautious ahead of key state assembly elections this month and the next.

The rupee climbed 36 paise to Rs 72.64 per US dollar, prompting investors to sell export-dependent stocks. The S&P BSE IT fell 1.12 percent. 

Metals, realty and energy counters also came under a heavy selling pressure. 

However, the financials managed to cling on to their gains, howsoever meager.

The benchmark Brent Crude also slipped below the $71 a barrel mark. 

"The benchmark Brent crude hit a 7-month low of $70.07 a barrel earlier today," Anuj Gupta, Deputy Vice President, Angel Broking told IANS.

"The market is lackluster due to a lack of FII inflow and uncertainty ahead of elections," he added.

The Sensex fell 79.13 points to 35,158.55. It had opened at 35,258.13 from its previous close of 35,237.68.

It touched an intra-day high of 35,287.29 and a low of 35,011.23.

The NSE Nifty closed 15 points lower at 10,582.90.