Markets see worst weekly setback since August

The benchmark indices fell for a fourth straight session on Friday, extending their weekly losses to over 2.5 per cent. This was the worst weekly performance for the Indian markets since August 2013. The second-quarter gross domestic product (GDP) numbers showing a revival in the economy did little to dispel concerns over a widening fiscal deficit.

The BSE benchmark Sensex dived 316 points, or 0.95 per cent, to close below the 33,000-mark, while the broader NSE Nifty declined 104.75 points to 10,121.80. The India VIX index shot up 10 per cent to 14.8 from the previous week’s close of 13, indicating