The weekly newsletter indicates that the Indian equity markets faced significant losses, closing down around 5% due to negative global cues, with all major sectoral indices also in the red. Key indices like Nifty and Sensex saw losses of 4.94% and 4.90%, respectively, while monsoon rains were reported to be 22% below normal. The document also highlights the overall bearish outlook for the equity market and suggests a strategy of 'sell on high' for both Nifty and Bank Nifty.