Sensex was down 427 points, Nifty closed below 17700

Indian markets have ended this week with losses. Both indices were in red. Out of five trading sessions, benchmark indices were on downward journey for straight four days. They lost around 4% in last four sessions. 

Sensex slipped 427 points to settle at 59037.18 points, while Nifty shed 139 points to close at 17617.20 points. Except for FMCG Sector (+0.40%), rest of the sectoral indices were in red. Top losing sectors on Nifty are Nifty Media (-3.5%), Nifty PSU Bank (-3.1%), and Nifty Realty (-2.4%).

Bajaj group companies stood on both extremes of the index. Bajaj Auto became the top gainer on the index with 3.36% gains, while Bajaj Finserv became the top loser on the index with 5.35% fall. HUL stood at second place on gaining side. 

Most of the markets across the globe are reflecting the happenings on Wall Street. The US markets have been on correction mode this week so far. On Thursday, Nasdaq fell due to poor earnings of Netflix. US futures are also fell after Nasdaq’s correction. Right now, European markets also following Wall Street and Asian markets. They are trading lower.

The anticipation of FED rate hike made US bond yields to spike which made equity markets to tumble across the world. Both Federal Reserve and RBI are going to tight the excess liquidity to tame inflation. Amid rate hike speculations, FIIs are divesting funds from expensive markets like India to invest relatively inexpensive markets. 

This correction is not limited to equity markets. Even Cryptocurrencies are tumbling. Bitcoin and Ether down by 7% and 8% respectively in last 24 hours.