Sensex drops below 80,000 amid earnings season gloom

Benchmark indices log longest weekly losing run in 14 mths; turbulence may continue

- SUNDAR SETHURAMAN

Benchmark equity indices retreated nearly 1 per cent on Friday to log their worst weekly losing streak in 14 months amid sustained selling by overseas investors and earnings disappointments from major firms. Concerns over high valuations only compounded the downward pressure.

Following a 663-point drop, or 0.8 per cent decline, the Sensex ended at 79,402—its lowest closing level since August 14. It is also the first time since then that the 30-share index has closed below the 80,000 mark.

The Nifty 50 index ended 219 points (or 0.9 per cent) lower at 24,181.

For the week, the Nifty 50 and the Sensex declined by 2.7 per cent and 2.2 per cent, respectively, marking a fourth straight weekly loss and their longest weekly losing run since August 2023. From their recent highs, the Sensex and Nifty have now slipped 7.6 per cent and 8 per cent, respectively.