Asian stocks declined on the final trading day of the week, as investors awaited the US nonfarm payrolls report for August that may play a crucial role in the Federal Reserve's decision about when to lift interest rates. A strong jobs number could allay fears over global growth, but it could rekindle speculation of an interest rate hike in the US as soon as this month, which could hurt risk assets, particularly in emerging markets.
Equity benchmarks extended losses in morning trade with the Sensex falling 555.04 points or 2.15 percent to 25209.74. The Nifty fell 175.35 points or 2.24 percent to 7647.65. The broader markets, too, caught in bear grip as the BSE Midcap and Smallcap indices tanked more than 2 percent. The market breadth is pathetic as about 1523 shares have declined against 257 shares advanced on the BSE.
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