Equity benchmarks crashed on Friday to extend losses for the third consecutive session as investors avoided riskier investments driven by fears about global economic growth, bucking the impact of a tighter monetary policy path expected by major central banks. underlined.
The BSE Sensex index plunged over 1,000 points and the broader NSE Nifty fell over 1.7 per cent.
As investors raced to maintain US Federal Reserve interest rate forecasts, Asian stocks headed for a fourth consecutive weekly loss on Friday and bonds suffered significant losses.
“Because of the Fed’s move, there will be a lot of money coming back into emerging markets,” Saurabh Jain, assistant vice president of research at SMC Global Securities, told Reuters.
According to data from Refinitiv Eikon, foreign investors bought Indian shares worth a net $819 million last week, compared to net sales of $152 million this week till Thursday.