Benchmark 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 per cent to 15,244.1, while the S&P BSE Sensex fell 0.8 per cent to 51,083.75 in early trade, 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 U.S. 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 per cent 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 per cent.