Mumbai, October 4, 2026 (Yes Punjab News)
The Indian equity market remained under pressure for the eighth consecutive week, with benchmark indices ending sharply lower amid sustained foreign fund outflows, rising crude oil prices and weak global cues.
The bearish trend persisted through the week, with the Sensex falling 1.52 per cent on Monday and extending losses in subsequent sessions before declining another 0.79 per cent on Thursday. The 30-share index lost 1,670.84 points over the week, while the Nifty fell more than 3 per cent.
On Thursday, the Sensex and Nifty closed lower for the fourth consecutive session as persistent selling by foreign institutional investors (FIIs), elevated bond yields and a renewed rise in crude oil prices weighed on investor sentiment.
The Sensex declined 570.59 points, or 0.79 per cent, to settle at 71,909.70. During the session, it fell as much as 1,187.41 points to touch a fresh 52-week low of 71,292.88. The Nifty dropped 198.50 points, or 0.88 per cent, to close at 22,421.95.
Despite the continued weakness, analysts said technical indicators suggest the possibility of a short-term recovery, with oversold conditions and key support levels potentially providing room for a relief rally.
The Sensex remains below its key moving averages, trading under the 50-day exponential moving average (EMA) of 75,544.56 and the 200-day EMA of 77,684.60.
Analysts have placed immediate support for the index in the 71,000-71,200 zone, while resistance is expected around 72,300-72,500.
For the Nifty, market watchers have recommended a hedged approach amid heightened volatility. They identified 22,800 as the initial upside target, followed by the 23,100-23,200 zone.
However, analysts cautioned that a decisive break below the April low could invalidate the possibility of a rebound and pull the index towards 21,700-22,000.
The near-term market trend is expected to remain sensitive to global cues, crude oil prices, bond yield movements and the direction of foreign institutional investor flows.
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