Stock market update, Aug. 17 -- Indian benchmarks pared early losses to close only marginally lower on Friday, extending their losing streak to a fourth straight session. Nifty 50 slipped 29.85 points, or 0.12%, to close at 24,366.00, while Sensex eased 47.82 points, or 0.06%, to settle at 78,032.14 after falling as much as 300 points at the open.

The prolonged US-Iran standoff continued to weigh on sentiment, with Washington signalling that it could maintain an indefinite naval blockade on Iran. This kept Brent crude near $87 per barrel, up around 4% for the week. Domestically, wholesale food inflation rose to a 19-month high of 6.6% in July, while foreign investors extended their selling for a second consecutive session.

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