Nifty poised to snap losing run

THE NIFTY FELL 276 points, or 1.12%, for the week to close at 24,363, with most of the decline coming on Friday when the benchmark slipped 233 points, or 0.95%.

- VK SHARMA

THE NIFTY FELL 276 points, or 1.12%, for the week to close at 24,363, with most of the decline coming on Friday when the benchmark slipped 233 points, or 0.95%. This marks the sixth consecutive weekly loss — a streak last seen in March 2020 during the dreaded Covid period.

While the drop from the recent swing high is a modest 4.97%, the relentless slide has left investors gasping for breath. The downturn has been driven by sustained FII selling, reflected in the weakness of the rupee, which has now fallen for the fifth straight week. The Nifty has now closed below its 100-day moving average (dema), having already slipped under its 20 and 50-day dema earlier.