India's Nifty down 3.1% as markets hit 8th weekly loss
Business
The Indian stock market just wrapped up its longest weekly losing streak in over two decades: eight weeks in a row.
The Nifty 50 fell 3.1% this week, while the Sensex lost 2.7%.
The main reasons? Heavy selling by foreign investors, high oil prices, and a weakening rupee.
Foreign investors pulled out ₹34,970cr
Foreign investors pulled out ₹34,970 crore as US bond yields climbed and the dollar got stronger. Local investors tried to balance things out but couldn't stop the fall.
With the rupee slipping past ₹96 per US dollar and oil prices close to $100 a barrel, inflation worries are piling up.
Nifty IT index up 0.5%
While most sectors struggled, tech stocks actually managed a small gain; the Nifty IT index rose 0.5%, showing some resilience in an otherwise rough market.