Mon Oct 07 12:12:20 UTC 2024: ## Indian Markets End Week on a Weak Note Amid Geopolitical Tensions and FII Outflows

**Mumbai, October 7, 2023** – Indian benchmark indices concluded a volatile trading session on a weak note, with the Nifty falling below 24,800. The Sensex closed down 638.45 points (0.78%) at 81,050.00, while the Nifty shed 218.80 points (0.87%) to settle at 24,795.80.

Escalating tensions in the Middle East, coupled with persistent foreign fund outflows, weighed heavily on investor sentiment. Banking, metals, telecom, and oil & gas sectors bore the brunt of the selling pressure, despite positive developments in other Asian markets.

The Nifty’s roller coaster ride saw a steady opening followed by a surge, but relentless selling in the Mid and Smallcap segments eventually pulled the index below the psychological support of 25,000.

**Key Market Highlights:**

* **Sectoral Performance:** All sectors except IT (up 0.6%) ended in the red, with PSU Banks, healthcare, capital goods, realty, metal, power, oil & gas, media, and telecom experiencing losses ranging from 1% to 3%.
* **Biggest Losers:** NTPC, Adani Ports, Adani Enterprises, SBI, and Coal India led the decline on the Nifty.
* **Biggest Gainers:** ITC, Bharti Airtel, Trent, M&M, and Infosys bucked the trend.
* **Broader Market:** The BSE Midcap index fell 2%, and the Smallcap index dropped over 3%.
* **Rupee Performance:** The Indian rupee closed flat at 83.97 per dollar, supported by a soft US dollar and declining crude oil prices. However, weak domestic markets and FII outflows limited gains.

**Outlook:**

Analysts predict the market may remain under bearish pressure, with the next support level for the Nifty at 24,400. A sustained move above 25,000 would be required to confirm a trend reversal. Investors are likely to remain cautious ahead of the Reserve Bank of India’s (RBI) monetary policy meeting on Wednesday.

**Key Economic Updates:**

* The US economy added 254,000 jobs in September, exceeding expectations and fueling a rise in the US dollar.
* India’s foreign reserves reached an all-time high of $704.89 billion, bolstering the rupee.

**Disclaimer:** This news article is intended for informational purposes only and should not be construed as investment advice.

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