Indian stocks ended lower for a fourth consecutive session on Friday, October 23, despite recovering from their intraday lows. The decline extended beyond the benchmark indexes, with smaller companies suffering steep losses and the market losing about 7 trillion rupees in value during the day.

The Sensex and Nifty 50, India’s main stock benchmarks, both closed lower after opening higher. On the National Stock Exchange, six stocks declined for every one that advanced, according to Indian broadcaster TV9.

Smaller companies take the biggest weekly hit

The combined value of companies listed on the BSE exchange fell from about 458 trillion rupees on Thursday to 451 trillion rupees on Friday, broadcaster Aaj Tak reported. That brought the week’s market-value loss to more than 20 trillion rupees, according to Business Standard.

The Nifty lost more than 2% over the week. Indexes tracking medium-sized and smaller companies fell 6% and 7%, respectively, Business Standard reported. The mid-cap index recorded its steepest weekly decline in two years.

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Every sector index finished Friday lower, TV9 reported. Property and consumer-durables stocks fell about 3%, while energy, metals and state-owned banks lost about 2%. The Bank Nifty, which tracks banking shares, dropped 638 points to 54,287.

Swiggy, the food-delivery and quick-commerce company, suffered a roughly 17% share-price fall. TV9 described it as the company’s biggest one-day decline and linked the selling to weaker-than-expected performance in its quick-commerce business.

Expensive oil weighs on confidence

Brent crude, an international oil benchmark, rose 1.33% to $114.67 a barrel on Friday, Aaj Tak reported. Vinit Bolinjkar, head of research at financial services firm Ventura, said high oil prices remained the biggest concern for Indian equities.

Ponmudi R, chief executive of financial services company Enrich Money, said investors’ willingness to take risks could remain weak until oil prices eased substantially. His assessment leaves the prospect of a lasting recovery dependent in part on relief in the oil market.

Investors look to the Fed and company results

The coming week brings the US Federal Reserve’s October 27–28 meeting and further second-quarter results from Indian companies. Jio Platforms’ initial public offering also has share allocation scheduled for October 26 and a stock-market debut set for October 28, according to Business Standard.

Sudeep Shah, head of technical and derivatives research at brokerage SBI Securities, identified 22,450–22,480 as a key Nifty support range—a level where buying might help limit losses. He said a decisive fall below 22,450 could take the index toward 22,200.

Shah put resistance, where further gains could face selling pressure, at 22,750–22,800. He said a sustained move above 22,800 would signal stronger momentum.