Benchmarks log longest weekly losing streak since pandemic

Indian equity benchmarks fell on Friday, marking their longest weekly losing run in five years amid concerns over US trade tariffs and lacklustre corporate earnings.

- SUNDAR SETHURAMAN

The Sensex closed the session at 79,858, down 765 points, or 0.9 percent, while the Nifty ended at 24,263, down 233 points or 0.9 per cent.

For the week, the Sensex slipped 0.9 per cent and the Nifty 0.8 per cent, recording their sixth consecutive weekly decline—the longest losing streak since the week ending April 3, 2020. While the two indices are down only about 7 per cent each from their record highs, such long losing spells are associated with bear markets, said experts.

Heightened trade tensions between India and the US are the latest reason to unsettle the markets, which were already under pressure on account of lackluster corporate earnings growth and sustained selling by overseas funds.

Earlier this week, US President Donald Trump announced an additional 25 per cent tariff hike on Indian goods, citing India's ongoing imports of Russian oil. This levy adds to the previous 25 per cent tariff, effectively raising the total to 50 percent, one of the highest rates imposed on any country.