Key Points
Sensex slipped 463 points to close at 57527 or 1% while Nifty dropped 155 points or nearly 1% to close at below 17k level or 16945..
Equity benchmark index extended losses for the third consecutive week as investors turned cautious after the government hiked securities transaction tax (STT) on futures and options contracts, while lingering concerns of contagion in the global banking sector weighed..
On the domestic front, auto monthly sales data and March series F&O expiry will be in focus for next week.More importantly, the market will be keenly watching the US and European Central Bank commentary after fears of a new financial crisis in Deutsche Bank..
Yesterday, European markets declined 2% as fears of a global banking crisis fuelled another rout in European banking stocks on account of Deutsche Banks shares that fell by as much as 14 per cent after a sharp jump in the cost of insuring its bonds against the risk of default..
The US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing as it further increases the borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. Bank..
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