Nifty Drops Below 200-Week Moving Average, Records Longest Losing Streak in 25 Years
What Happened
India's benchmark Nifty 50 extended its decline for an eighth consecutive week, marking its longest weekly losing streak since 2001. The index closed at 22,421.95, down 198.5 points, while slipping below its 200-week moving average (WMA), a key long-term technical support level watched by investors. Rising crude oil prices, elevated global bond yields, persistent foreign investor selling, and concerns over interest rates continued to weigh on market sentiment.
Key Takeaways
The market's longest losing streak in 25 years highlights the increasing pressure from global macroeconomic factors. While selective buying in IT stocks offered some support, the broader market remains vulnerable until sustained buying and positive global cues emerge.