The Indian equities market crashed sharply on Friday, with Sensex falling more than 1,000 points due to
global cues, to end the week on a negative note, dealers said.
Global stocks hit two-year lows on Friday and bonds faced an eighth weekly loss, as investors digested the prospect of a far more aggressive rise in US interest rates.
Asian and European equities headed for deep weekly losses as rising interest rates across the globe
threaten to sharply curtail economic growth, weighing on risk appetite and as surveys showed the downturn in business activity across the euro zone and Britain deepened this month.
Goldman Sachs Group Inc. slashed its year-end target for the S&P 500 Index to 3,600 from 4,300,
citing a higher interest-rate path from the Federal Reserve, while strategists gave up on a year-end rally for European stocks as privatesector activity in the region continued to contract.
After remaining resilient against the global weakness in equities, Nifty gave in over the past three sessions. Nifty fell sharply for the second consecutive week (down 1.16 per cent), breaking some key technical levels on the way.
