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On a weekly basis, the BSE Sensex fell by 479.29 points, or 1.92 per cent, to 24,455.04, its weakest closing since May 30, 2014, while the broader NSE Nifty lost 163.55 points, or 2.15 per cent, to 7,437.80.
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The Sensex dropped by 1,705.86 points, or 6.52 per cent and the NSE Nifty by 525.40 points, or 6.60 per cent in two weeks.
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Asset base of equity mutual funds has surged 29 per cent to Rs 3.64 lakh crore at the end of December from a year ago on the back of retail investors pouring money into these schemes. The industry's equity assets under management (AUM) rose to Rs 3.64 lakh crore last month, from Rs 2.83 lakh crore in December 2014, according to Association of Mutual Funds in India (AMFI).
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Gold prices surged Rs 340 to hit over two-month high of Rs 26,550 per ten grams at the bullion market today, taking positive cues from global market amid pick up in buying by jewellers to meet wedding season demand. Silver too recovered and reclaimed the Rs 34,000-mark by rising Rs 220 to Rs 34,015 per kg on increased offtake by industrial units and coin makers.
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In line with the equity market, the Indian rupee fell against the American currency for the second straight week, it tumbled 96 paise to a 28-month low at 67.59 per dollar on fresh dollar demand from importers in view of persistent foreign capital outflows amid sharp fall in equities.
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Petrol price was today cut by 32 paise a litre and diesel by 85 paise even as the government hiked excise duty on both the fuels for the second time this month to raise an additional Rs 3,700 crore in its bid to achieve the targeted fiscal deficit.
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Rising for the fifth straight month, retail inflation or CPI quickened to 5.61 per cent in December, limiting the headroom for the Reserve Bank to lower rate next month. For the 14th month in a row, wholesale prices fell in December but the rate of decline at 0.73 per cent was the slowest in last one year as food prices shot up, indicating return of inflationary pressures.
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After Pathankot attack, Pakistan has put the head of outlawed Jaish-e-Mohammad militant group, Maulana Masood Azhar, under custody this week.
US-India trade tensions: Amazon, Apple, Netflix, Google and Meta make big hirings in India
