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

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.