Sensex sheds 1,021 pts on Friday, ends week with 700-pt drop: Here's why

Stock markets: Today's decline was the third consecutive fall for the two indices after US Fed's 75 bps rate hike on Wednesday night

Domestic benchmark indices plummeted on Friday as fears of a recession gripped investors all around the world. The BSE Sensex closed 1,021 points lower at 58,099, settling 1.26 per cent, or 742 points, down for the week. This was its lowest level since August 29. The NSE Nifty, meanwhile, shed 302 points on Friday to end at 17,327. The index lost 200 points or 1.16 per cent on a weekly basis. 

Today's decline was the third consecutive fall for the two indices after US Fed’s 75 bps rate hike on Wednesday night. 

"The global risk-off is gaining strength aided by