Indian markets ended their eighth straight week lower, the longest weekly losing streak since 2001, with the Nifty falling 3.1 per cent.

Foreign investors continued selling, offloading equities worth Rs 34,970 crore in the week on a provisional basis, while domestic institutions bought Rs 33,460 crore. FIIs have been net sellers for 15 straight months, pulling out Rs 44,010 crore in September alone, according to exchange data cited by Bajaj Broking.

The selling coincided with rising global bond yields, a stronger dollar and the rupee slipping past 96 to the dollar. More than Rs 26 lakh crore of BSE market value has been wiped out in eight weeks.

Yet the economy kept growing. GDP grew 7.8 per cent, underscoring the disconnect between strong domestic growth and weak markets. Exchanges are closed Friday for Gandhi Jayanti.

The New Indian Express’s BottomLine analysis noted the Nifty is down about 15 per cent from its January peak and about 14 per cent this year, while foreign investors have pulled over Rs 3 lakh crore in nine months. US yields are near a 24-year high. Analysts say the market needs stabilising foreign flows or cooling global yields before a durable recovery.