The Indian benchmark indices ended the week on a negative note with the Sensex falling 2.2 percent while the Nifty was also down 2.2 percent.
The Indian benchmark indices ended the week on a negative note with the Sensex falling 2.2 percent while the Nifty was also down 2.2 percent. The Bank Nifty was down 2.4 percent with major banking stocks falling on the backdrop of the PNB Fraud investigation.
Nifty Auto index clocked a 2.3 percent fall and the Nifty IT was marginally down 0.2 percent. The FMCG sector also closed in the red, down 1.8 percent for the week.
The Nifty metal index which was the underperforming sector for the week, plunged 6.9 percent while Nifty Pharma shed 4.5 percent.
Across the globe, the Nasdaq closed at record high on Friday as traders lapped up stocks like Microsoft, Netflix, Amazon.com and other high-performance technology names. The Nasdaq registered a gain of 9 percent year to date, compared to a 3 percent increase in S&P 500.
US markets ended a wild week with a burst of buying, pushing the S&P 500 up 1.5 percent on Friday, but recorded worst week in two years.
The sharp falls of the week confirmed a correction, down more than 10 percent from record high on January 26 and throwing the nearly 9-year bull market off course.
The Cboe Volatility Index (VIX) hit its lowest level since February 1 and traded more than 11.5 percent lower at 14.62.
Across Europe, the STOXX 600 popped 3.05 percent for the week. Major European indexes ended the week firmly in positive territory, shrugging off geopolitical uncertainties including possibility of heightened trade frictions with the US. However, Germany’s DAX 30 ended the week lower.
The Asian markets ended the week on a positive note as the large-cap Japanese stock indexes ended higher after a volatile week. The Nikkei gained 1.4 percent and closed on Friday at 21,469.20.However, all of the major Japanese market indexes, the broad-based, large-cap TOPIX registered a loss of 5.7 percent, and the TOPIX Small Index, which was about flat for the week, recorded 5.4 percent fall.