Domestic indices eye worst week since May 2020 on policy worries – Times of India
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BENGALURU: Domestic indices extended losses to a sixth straight session on Friday and were set for their worst week in over two years, with investors spooked by rapid increases in policy rates by central banks globally in their bid to tame surging inflation.
The NSE Nifty 50 index slid 0.76% to 15,244.1, as of 0347 GMT, while the BSE sensex fell 0.8% to 51,083.75, with both indexes touching over one-year lows.
The blue-chip indexes are set for losses of over 5% in the week that saw the US Federal Reserve hike interest rates by 75 basis points and the Swiss National Bank deliver its first rate hike in 15 years. If losses hold, the Nifty and sensex could suffer their worst week since May 2020.
The Nifty IT index was among the worst performing sub-indexes on Friday, falling up to 1.9% to its lowest in over a year. The index, which tracks IT majors including Wipro, Infosys and Tata Consultancy Services, is set for a weekly drop of around 8%.
The NSE Nifty 50 index slid 0.76% to 15,244.1, as of 0347 GMT, while the BSE sensex fell 0.8% to 51,083.75, with both indexes touching over one-year lows.
The blue-chip indexes are set for losses of over 5% in the week that saw the US Federal Reserve hike interest rates by 75 basis points and the Swiss National Bank deliver its first rate hike in 15 years. If losses hold, the Nifty and sensex could suffer their worst week since May 2020.
The Nifty IT index was among the worst performing sub-indexes on Friday, falling up to 1.9% to its lowest in over a year. The index, which tracks IT majors including Wipro, Infosys and Tata Consultancy Services, is set for a weekly drop of around 8%.
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