Mkts see worst week in 30 months

Sell-off triggered by Fed's cautious stance on rate cuts, investors lose over ₹18L cr this week

- ARSHAD KHAN @ New Delhi

EXPECTATIONS of a festive rally on Dalal Street have been dashed, as the US Federal Reserve's hawkish commentary on future rate cuts has spooked markets. India's equity benchmark indices—the BSE Sensex and NSE Nifty—recorded their steepest weekly declines in over two years, plummeting nearly 5% each.

This week's crash erased almost all the recovery seen between November 21 and December 13, following two months of relentless selling. The Nifty fell by 4.5% (1,150 points) over the week, while the Sensex dropped 4.8% (3,933 points). On Friday, the Sensex closed 1,176.46 points (1.49%) lower at 78,041.59, and the Nifty fell 364.2 points (1.52%) to 23,587.50.