BENGALURU: India’s benchmark indexes logged their worst week in three months on Friday amid jitters ahead of a crucial US jobs report that could determine the size and speed of the Federal Reserve’s interest rate cuts.
The Nifty 50 index ended 1.17% lower at 24,852.15 points, while the S&P BSE Sensex lost 1.24% to 81,183.93.
The blue-chip indexes lost about 1.5% this week, snapping a three-week winning streak and easing off record high levels hit on Monday after latest US economic data raised fears that the Fed has perhaps waited too long to lower rates. “The overheated segments of the markets have seen some profit booking... From a global perspective the focus is now on the economic data coming from the US to gauge the direction and the quantum of Fed fund rate movement in the upcoming FOMC (Federal Open Market Committee) meet,” said Joseph Thomas, head of research at Emkay Wealth Management.
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