Indian stock markets closed a difficult week with the Sensex shedding 1,670.84 points to settle at 71,909.70. The Nifty lost more than 3 per cent to close at 22,421.95.

It was the Nifty’s eighth consecutive weekly decline. Analysts said a worsening global backdrop overwhelmed domestic support.

The week’s losses came in stages. The Sensex fell 1.52 per cent on Monday, slipped through the next two sessions, then dropped another 0.79 per cent on Thursday.

The weekly relative strength index sits near 31, well below the neutral 50 mark. That signals weak momentum and suggests the index is near oversold territory.

Markets now look to the RBI policy decision on October 7. The central bank is widely expected to raise the repo rate by 25 basis points to 5.50 per cent, the first hike since February 2023.

Investors also await TCS’s September-quarter results, which kick off the earnings season for India’s large IT firms. US trade data and West Asia tensions are further triggers.

On the charts, resistance sits at 22,800 and 23,000, while support is seen at 22,350 and 22,180.