The Indian stock market extended its corrective phase for the eighth consecutive week, with the Sensex plunging 1,670.84 points and the Nifty declining more than 3% by the end of last week, according to livemint.com. On Thursday, the Sensex fell 570.59 points to close at 71,909.70, hitting a fresh 52-week low during the session. The NSE Nifty 50 dropped 198.50 points to settle at 22,421.95.
The bearish trend was driven by sustained foreign institutional investor (FII) selling, elevated bond yields, and a fresh surge in crude oil prices, which dampened investor sentiment throughout the week. The Sensex started the week with a 1.52% drop on Monday, followed by modest declines over the next two sessions before the sharp fall on Thursday. Market watchers are now focused on the Reserve Bank of India’s Monetary Policy Committee meeting scheduled from October 5 to 7, with the policy decision due on October 7 at 10 am.
This extended market correction comes amid weak global cues from major indices such as Dow Jones, Nasdaq, Kospi, Nikkei, and Taiwan markets, which have influenced domestic investor sentiment. The ongoing selling pressure and macroeconomic concerns have contributed to the downward momentum. The upcoming Q2 financial results from major companies like Tata Consultancy Services, starting this Thursday, are expected to provide further direction to the market.
The Reserve Bank of India’s Monetary Policy Committee meeting, which begins today and concludes with a policy announcement on October 7, will be closely watched by investors for signals on interest rates and economic outlook. Tata Consultancy Services is set to announce its Q2 FY27 results on Thursday, marking the start of the earnings season that could impact market sentiment.