India’s benchmark indices have recorded their longest weekly losing streak in about 25 years. The Nifty and Sensex have fallen for eight consecutive weeks.

In the holiday-shortened week ended October 1, the Nifty fell 3.11% to 22,421.95. The Sensex declined 2.69% to 71,909.70.

The eight-week slide has wiped out more than 8.5% from the Nifty. Analysts point to heavy selling by foreign investors as the main driver.

Rising US Treasury yields, high crude oil prices and a weakening rupee have added to the pressure. Global economic uncertainty has made investors cautious.

Foreign investors net sold Indian shares worth Rs 99.8 billion on Tuesday alone. They have sold $2.7 billion of shares in September, taking this year’s selling to $26.75 billion.

Market watchers say the streak may end if global bond yields cool and oil prices ease. Until then, caution is likely to rule.

Domestic institutional investors have offered some support. But it has not been enough to counter the selling pressure and global headwinds.