Will Indian market rebound after six consecutive weeks of decline?
Agencies
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Mumbai: India's key equity indices dropped nearly 1% on Friday, logging their sixth consecutive week of losses-the longest such streak in five years-as anxiety over the economic fallout of US President Donald Trump's tariff blitz on the country kept the markets on the edge. Analysts do not see the bear grip easing soon with technical indicators flashing further weakness although they're on the brink of being oversold."Given the weaker sentiment right now, selling pressure is likely to persist," said Rajesh Palviya, head of technical and derivatives research at Axis Securities.The NSE Nifty fell 232.85 points, or 0.95%, to close at 24,363.3. The BSE Sensex declined 765.47 points, or 0.95%, to end at 79,857.79. Their weekly fall of 0.8-0.9% for the sixth straight week is the longest since April 2020. The Sensex closed below 80,000 for the first time since May 9.Since June 27-when the recent bout of weakness started-both indices have shed around 5%, while the BSE's market value has eroded ₹16.3 lakh crore."While another week of decline could push the market into oversold territory, any rebound is likely to be a technical pullback rather than a trend reversal until there is more clarity around tariff talks ," said Palviya. Foreign portfolio investors net bought shares worth ₹1,933 crore, taking their sales tally for August to nearly ₹11,300 crore amid the weakening rupee. Domestic institutions were buyers of ₹7,724 crore.Elsewhere in Asia, Japan gained 1.9%, while China declined 0.1%, Hong Kong fell 0.9%, South Korea declined 0.5% and Taiwan remained flat. The pan-Europe index Stoxx 600 rose 0.19%.The Nifty's Volatility Index or VIX-known as the fear gauge of the market-advanced 3% to 12.03 levels on Friday, indicating greater nervousness among market participants"We expect market volatility and investor nervousness to continue until more clarity emerges from ongoing trade negotiations," said Kuunal Shah, portfolio manager at Carnelian Asset Management & Advisors.
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