The Indian equity markets experienced a 2% drop this week, with the Nifty index closing at 23,898 points, primarily driven by significant selling in IT stocks amid rising geopolitical tensions, particularly the ongoing conflict between Iran and Israel. Analysts noted that the index faced resistance around its 100-day exponential moving average (EMA), leading to renewed selling pressure. This week is crucial for market sentiment, with the US Federal Reserve's policy meeting scheduled for April 28-29, where it is anticipated that interest rates will remain steady at 3.50-3.75%. Additionally, over 200 companies listed on the Bombay Stock Exchange (BSE) are set to announce their Q4 earnings, with key players including Coal India and Maruti Suzuki in focus. Foreign institutional investors (FIIs) have been heavy sellers, offloading shares worth ₹17,140 crore last week, contributing to total outflows of ₹43,967 crore for April. The Indian rupee also faced pressure, declining 1.4% against the US dollar, influenced by concerns over energy supply disruptions due to the geopolitical situation. Overall, the market outlook appears cautious as traders await key economic indicators and earnings results.