Overpowering the bulls in four out of the five trading sessions this week, bears tightened their grip over the market on Friday as the benchmark BSE Sensex tanked by 562.88 points to hit nearly 14-month low of 25,201.90 amid heavy selling due to lacklustre global cues ahead of the US jobs data.
According to the analysts, a strong set of non-farm jobs data is expected to cement Fed’s stance for a rate hike in September. “The prospect of a higher US rate, which leads to risk aversion in riskier assets, has so far roiled the scene in emerging markets, which have run up massive losses of late,” they said.