Benchmark Indices Sensex and Nifty Record Longest Weekly Losing Streak in 25 Years

New Delhi: Benchmark equity indices Sensex and Nifty marked an eighth consecutive weekly decline on Thursday (October 1), which was their longest losing streak in 25 years (since 2001), reported Financial Express.

The two indices declined by 1.64% and 1.78%, respectively during intraday trading on Thursday.

The Sensex fell by 570.59 points, or 0.79%, to close at 71,909.70, which is its lowest level in 28 months (since February 14, 2024), slipping below the 72,000 mark for the first time in six months.

On the other hand, the Nifty declined by 198.50 points, or 0.88%, and closed at 22,421.95, its lowest closing level in six months.

While the Sensex fell by 2.69% during the week – its worst weekly performance since May 15 – the Nifty declined by 3.11%, marking its steepest weekly decline since March 13.

“Indian equities had a difficult, holiday-shortened week, with the benchmarks slipping below a key psychological level as a worsening global backdrop overwhelmed domestic support. With crude prices surging and US Treasury yields nearing two-decade highs on expectations of further Fed tightening, the narrowing India-US yield differential weakened the rupee,” Vinod Nair, head of research, Geojit Investments, told Financial Express.

The Wire had reported earlier in August, that the two benchmark indices had recorded their longest weekly losing streak in two years (since August 2023).

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