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Indian stocks slide for eighth straight week amid foreign outflows
Nifty 50 ended at 22,421 and Bank Nifty closed at 54,450, with analysts citing foreign fund outflows, higher US yields, and elevated crude pushing the rupee lower.
Indian equity benchmarks extended their slide, with the Nifty 50 ending at 22,421 and posting a weekly loss for the eighth straight session, according to LiveMint Markets. The BSE Sensex fell nearly 2,000 points and Bank Nifty finished at 54,450 after heavy selling across the shortened week.
The report attributes the broader sell off to sharp foreign fund outflows and rising US bond yields, alongside market pressure from the conflict in the Middle East. Elevated crude oil prices also weighed on sentiment, contributing to a decline in the rupee against the dollar.
Choice Broking executive director Sumeet Bagadia said the near-term market structure remains weak, with selling pressure ongoing over the last eight weeks. He added that the Nifty 50 is approaching near term support around 22,200, while IT shares were noted as bucking the broader downward trend after a recent correction.
Latest closeWTI crude $90.46 ▲1.2%|Sensex 72,529.07 ▼0.3%