Indian shares were muted on Friday after snapping a run of losses in the previous session, as elevated crude oil prices and pressure in global bond markets kept sentiment cautious.
The Nifty 50 (.NSEI) inched up 0.02% to 24,239.4 and the BSE Sensex (.BSESN) added 0.03% to 77,560.02, as of 10:06 a.m. IST.
The Nifty ended a seven-day losing streak in the previous session, while the Sensex rose after four straight sessions of losses. Both the indexes are down about 0.6% this week.
Asian markets were headed for weekly declines as the stress in global bond markets showed little sign of abating, while a diplomatic deadlock in the Gulf lifted oil prices to a one-month high, stoking concerns over inflation and energy supply.
"Market sentiment remains guarded as stubbornly high crude oil prices driven by unresolved U.S.-Iran tensions continue to cast a shadow over inflation and corporate profitability," said Vinod Nair, head of research at Geojit Investments.
"Near-term outlook is likely to hinge on the direction of global yields, energy prices," Nair said.
Eight of the 16 major sectors logged losses. The broader small-caps (.NIFSMCP100) rose 0.7%, while mid-caps (.NIFMDCP100) lost 0.2%.
The IT index (.NIFTYIT) fell 0.5% after rising 1.5% in the last two sessions.
Among stocks, Niva Bupa (NIVA.NS) fell 2% after the country's insurance regulator barred the health insurer from opening new branches for six months due to breach of business expense limits.
Welspun Corp (WGSR.NS) jumped 11.8% after winning a record $1.8 billion pipe supply order.
IIFL Finance (IIFL.NS), Muthoot Finance (MUTT.NS) and Manappuram Finance (MNFL.NS) gained between 2% and 8% after J.P. Morgan started coverage of the gold financiers at "overweight" ratings.
