Indian Benchmarks Slip for Eighth Straight Week as Markets Close for Gandhi Jayanti

BSE Sensex fell 0.79% to 71,909.70 on Thursday, extending its losing streak to eight straight weeks – the longest such run in 25 years. NSE's broader index dropped 0.88% to 22,421.95, also marking the same eight‑week slide. The decline was driven by record foreign selling, crude oil prices hovering near $100 a barrel and a sharp rise in global bond yields, which dented investor sentiment. The Indian rupee slipped 0.5% to ₹96.3150 per US dollar, its weakest level in two months, as higher global yields and oil prices added pressure amid continued foreign portfolio outflows. Domestic benchmark indices, currency and debt markets will remain closed on Friday, 2 October, for Gandhi Jayanti, with trading set to resume on Monday, 5 October. On the Nifty options front, analyst Chandan Taparia of Motilal Oswal noted the highest call open interest at the 22,500‑22,700 strikes and the top put interest at 22,000‑22,300, suggesting a trading range between 22,000 and 22,800, with downside risk below 22,500 toward 22,300‑22,200. He said the Nifty 50 opened lower, traded sideways, then faced heavy selling before a brief recovery to the 22,400 zone. Bank Nifty opened slightly lower, rose toward the 55,000 zone, but fell back below 54,100, showing volatility and resistance at 55,000‑55,250 and support near 54,500‑54,250. Taparia recommended buying Laurus Labs and Canara Bank futures for the coming week. He described Laurus Labs as in a strong uptrend near its all‑time high, respecting the 20‑day EMA and showing steady buying interest, while Canara Bank has broken below the 125 level, trading beneath short‑term moving averages, indicating growing selling pressure.

Context

Eight‑week losses reflect broader global risk aversion, where higher oil prices and rising bond yields have prompted foreign investors to pull money from emerging markets like India. Holiday closures such as Gandhi Jayanti pause trading but do not change the underlying market pressures.