Indian Stock Market Plunges for Eighth Straight Week Amid Foreign Fund Outflows and Crude Price Rebound

The Indian stock market continued its decline on Thursday, with both the Sensex and Nifty falling due to relentless foreign fund outflows and a rebound in crude oil prices.

The benchmark indices extended their loss for the eighth straight week, their longest such streak in 25 years. The Sensex was down 512 points or 0.71 percent at 71,968.29, while the Nifty declined to 22,425.80, down 194.65 points or 0.86 percent.

The broader Nifty Smallcap 100 and Nifty Midcap 100 fell 2.06 percent and 1.93 percent respectively. The auto index dropped by 3 percent, with Bajaj Auto plummeting 6 percent and Mahindra & Mahindra losing 2.4 percent after the companies reported a decline in domestic sales.

Kotak Mahindra Bank rose 3 percent after appointing Anup Kumar Saha as its new CEO for a three-year term, succeeding Ashok Vaswani. However, data showed FII net selling of Rs 10,148 crore on September 30, with FIIs offloading more than Rs 10,000 crore of Indian equities in the last two trading days.