Mumbai, March 15 : The Indian stock market ended the week on a weak note, with benchmark indices witnessing heavy selling for the third straight session on Friday, as investors remained cautious ahead of several global developments that could influence market sentiment next week.

The Sensex dropped 1,471 points, or 1.93 per cent, to close at 74,563.92, while the Nifty declined 488 points, or 2.06 per cent, to settle at 23,151.10.

The broader market also saw sharp losses, with the BSE Midcap and Smallcap indices falling more than 2.5 per cent each.

The decline also marked the third consecutive weekly loss for both indices. During the week, the Sensex lost 4,355 points, or about 5.5 per cent, while the Nifty slipped nearly 1,300 points, or 5.3 per cent, reflecting widespread selling across sectors.

Market participants are now closely watching several global triggers that could influence the direction of the stock market in the coming week.

One of the most important events is the upcoming US Federal Reserve policy meeting. The Federal Reserve will begin its two-day meeting on March 17 and announce its decision on March 18.

Geopolitical tensions in the Middle East are also keeping investors on edge. US President Donald Trump recently said that the United States could launch additional strikes on Iranâ??s Kharg Island after a recent attack, while Iran has vowed retaliation.

Although there are indications that Tehran may be open to negotiations, uncertainty around the conflict is raising concerns in global markets.

Crude oil prices will also remain a key factor to watch. Global oil prices were trading slightly lower after the US Treasury announced a 30-day waiver allowing countries to purchase Russian oil that is currently stranded at sea.

Precious metal prices are another indicator investors are tracking. Gold prices declined on Friday and headed for their second straight weekly loss as rising crude oil prices continued to fuel concerns about global inflation.

Commenting on Nifty technical outlook, experts said that the index is currently approaching the 23,000 region, which is emerging as a crucial near-term support level.

â??A sustained break below this zone could extend the decline toward 22,800â??22,700, an area that has previously acted as a demand zone,â?? an analyst stated.

â??On the upside, 23,500â??23,800 is expected to act as the immediate resistance zone, and a decisive move above this range would be required to restore any positive momentum in the near term,â?? a market expert mentioned.

/IANS