Indian equity markets extended their losing streak to an eighth consecutive week on Thursday, the longest weekly decline for the benchmarks in nearly 25 years.

The Nifty 50 closed at 22,421.95, down 3.1 per cent from the previous Friday’s close of 23,140.50. The Sensex declined 2.7 per cent to 71,909.70, compared with 73,895.70 a week earlier, according to IANS.

Broader markets also fell, with midcap and smallcap indices down 3.5 per cent and 3.3 per cent respectively. The auto sector was the worst performer, falling 5.5 per cent, followed by consumer durables at 5.3 per cent. The BSE IT index was the only gainer, rising 0.2 per cent.

Foreign institutional investors continued to sell Indian equities, while domestic institutional investors provided some support, cushioning the decline.

Market experts said investor sentiment stayed weak due to persistent geopolitical tensions, elevated crude prices above $100 a barrel, foreign fund selling and worries over monetary policy.

The southwest monsoon ended with a 13 per cent rainfall deficit, raising concerns over farm output and food inflation, analysts added.