MUMBAI: Indian stock market faced a heavy fall last week. Sensex was down 0.57 percent or 373.99 points and closed at 64948.66 and Nifty was down 0.60 percent or 118.1 points and closed at 19310.20. This is the fourth consecutive week that the market has been at a loss.

Oil and gas fell 1.2 percent, while the energy sector rose half a percent. Foreign investment institutions (FIIs) were net sellers for the fourth consecutive week. 3379.31 crore was withdrawn. Domestic investors (DIIs) bought shares worth Rs 3892.3 crore.

FIIs have sold shares worth Rs 10925.84 crore so far this month. DII bought shares worth Rs 9245.86 crore. Foreign investors sold shares worth Rs 267 crore on Friday.

This week investors will mainly monitor India's foreign exchange reserves, bank deposits, credit growth and global production data. Investors will be eyeing India's forex reserves data scheduled for release on August 25.

India's foreign reserves fell to $601.450 billion in the first week of August. Bank deposit and credit extension will sanctioned on the same date. In the fortnight ending on July 28, 2023, the value of investments in India increased by 12.9 percent per year. In the fortnight ending on July 28, 2023, the value of loans in India increased by 19.70 percent.

The release of market data figures from the US, the largest economy, will create impact on the markets at the global level. All major global indices faced heavy selling pressure last week. US, European and Chinese markets all at loss.

There has been an increase in crude oil prices. The barrel increased by 1.01 dollars and reached 70.66. The rupee was down 0.03% at 83.16 against the dollar.