Sensex, Nifty fall more than 1%; post biggest weekly drop since August 2017

The markets are expected to remain choppy as investors adjust their asset allocations amid rising interest rates

Relief was short-lived for investors as Indian stocks tripped again on Friday amid fresh declines in global equities with Wall Street entering a ‘correction zone’, a 10 per cent drop from its peak.

The Dow Jones index’s second 1,000-point, or 4-per cent-plus, correction on Thursday triggered risk aversion among investors. Most Asian and European markets fell over 2 per cent. The fall in domestic equities was relatively subdued with the benchmark Sensex declining 407.4 points, or 1.2 per cent, to close at 34,005.76, the lowest since January 3. 

The Nifty50 index slipped 121 points, or 1.2 per cent, to 10,455.