The market extended its decline for second straight week with BSE Sensex lossing another 299.18 points to close 38,090.64 and the broader Nifty falling 73.90 points to finish at 11,515.20.
The truncated and volatile week saw the stock market enduring initial bitter losses as rupee stabilised during late session after initial record lows.
The key indices fell sharply for the two sessions during start of the week, marking one month lows to revisit 37K-level impacted by escalating trade war concerns and global slide after US President Donald Trump threatened to impose higher tariffs on China, also the negative sentiments on expectation of US Fed rate hike this month.
While the rupee crashed to fresh record lows on rising crude, strengthening dollar and widening current account deficit, the 10 year-yield surged, so did the stocks selling pressure.
However, the market rebounded and capped the weeks larger losses after an government official assurance on measures to support the rupee after a planned review of the economy by Prime Minister Narendra Modi this weekend.
The assurance led the rupee recovery from record lows, it was further supported by data released by the Central Statistics Office on cooling of retail inflation (CPI).
