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Nifty extends seven-week losing streak amid higher global yields

The index fell 1.4% on Monday, sliding to an intraday low of 22,807 and trading below the 23,000 support level.

Reported · Written up by our desk · Indices

Indian equities ended the September 21 to 25 week on a weak note as volatility rose, with the Nifty pressured by higher global bond yields, crude oil holding above $100, a weaker rupee, and selling in financial stocks, according to LiveMint Markets.

The report said India VIX moved higher, reflecting increased market uncertainty, and that the Nifty extended its losing streak to seven consecutive weeks, the longest since the COVID pandemic.

In intraday trading on Monday, September 28, the Nifty declined 1.4% to an intraday low of 22,807, and is trading below the crucial 23,000 support level, according to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers.

Patel also pointed to the 23,300 to 23,600 zone as a key resistance area, adding that a sustained move above that range could indicate improving momentum, the outlet said.

Latest closeWTI crude $92.44 ▼2.3%|VIX 14.87 ▼5.1%

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