Mumbai, March 15 (NationPress) The Indian stock market concluded the week on a downtrend, as major indices experienced significant sell-offs for the third consecutive day on Friday, with investors exercising caution ahead of several global events poised to impact market sentiment in the upcoming week.

The Sensex plummeted by 1,471 points, or 1.93%, finishing at 74,563.92, while the Nifty fell by 488 points, or 2.06%, to close at 23,151.10.

The broader market also faced considerable declines, with the BSE Midcap and Smallcap indices dropping over 2.5% each.

This downturn signifies the third consecutive weekly decline for both indices. Throughout the week, the Sensex saw a loss of 4,355 points, approximately 5.5%, and the Nifty fell nearly 1,300 points, or 5.3%, indicating widespread sell-offs across various sectors.

Investors are now closely monitoring several global catalysts that could sway the stock market's trajectory next week.

A pivotal event to watch is the scheduled meeting of the US Federal Reserve. The Federal Reserve's two-day policy gathering will commence on March 17, with an announcement of their decision expected on March 18.

Additionally, ongoing geopolitical tensions in the Middle East are creating unease among investors. US President Donald Trump recently indicated that further military action on Iran’s Kharg Island could be taken following a recent attack, while Iran has pledged to retaliate.

Although there are signs that Tehran may be open to dialogue, the uncertainty surrounding the conflict is raising apprehensions in global markets.

Crude oil prices will also be a critical aspect to watch. Global oil prices were slightly lower after the US Treasury issued a 30-day waiver permitting countries to procure Russian oil that is currently stranded at sea.

Precious metal prices are another focus for investors. Gold prices fell on Friday, marking their second consecutive weekly decline, as rising crude oil prices continued to stoke fears about global inflation.

Regarding the Nifty's technical outlook, experts noted that the index is nearing the 23,000 mark, which is becoming a vital near-term support level.

“A sustained breach below this zone could lead to further declines towards 22,800–22,700, an area that has historically served as a demand zone,” stated an analyst.

“On the upside, the 23,500–23,800 range is expected to act as immediate resistance, and a decisive move above this range is necessary to reinstate any positive momentum in the near term,” mentioned a market expert.