Sensex and Nifty have endured their longest losing streak in years, falling for eight straight weeks and erasing more than ₹26 lakh crore in investor wealth. The Sensex has dropped 6,590 points while Nifty has slipped 2,149 points during this period, pulling the total market capitalisation of BSE companies below ₹467 lakh crore.
Analysts warn that the sharper threat comes from rising US bond yields rather than oil. The 10‑year Treasury yield has climbed to 5.31%, its highest since 2007, while the 30‑year yield has crossed 5.65%. These levels make debt more attractive than equities, draining liquidity from global markets and tightening financial conditions.
Foreign investors have responded with heavy selling, pulling out ₹44,013 crore in September alone. The stronger US dollar has also pressured the rupee, further denting sentiment.
Oil prices, which spiked above $120 a barrel earlier this year due to Middle East tensions, have since cooled below $100. Yet equities continue to slide, showing that bond yields are the bigger danger.
Market experts note that this eight‑week decline is longer than the falls seen during the Covid crash or even the 2008 crisis, though the scale of losses is smaller. The message is clear: elevated bond yields can hurt Dalal Street more than high oil prices.