Equity benchmarks spiralled lower for the third session on the trot on Friday, September 16, in lockstep with a sell-off in overseas markets as investors fretted over the global economy slipping into a recession amid rate hikes by central banks. A weak rupee and foreign fund outflows added to the woes, traders said.

The Sensex tanked 1,093.22 points or 1.82% to settle at 58,840.79. During the day, it tumbled 1,246.84 points or 2% to 58,687.17. Similarly, the NSE Nifty declined 346.55 points or 1.94% to close at 17,530.85. UltraTech Cement was the top laggard in the Sensex pack, slumping 4.51%, followed by Tech Mahindra, Infosys, M&M, Wipro, TCS and Nestle India. IndusInd Bank emerged as the sole gainer, spurting 2.63%. “With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data. “Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed,” said Vinod Nair, Head of Research, Geojit Financial Services. “Markets witnessed a sharp sell-off on the final day of the week and lost closer to 2%. The selling pressure was widespread wherein IT, realty and auto pack were among the top losers,” said Ajit Mishra, VP, Religare Broking Ltd.