Mumbai, May 15 -- The key benchmarks indices ended the week with steep losses, snapping two-week gains after Prime Minister, Narendra Modi, urged citizens to adopt austerity measures amid the ongoing US-Iran conflict. The measures included reducing petrol and diesel consumption, avoiding non-essential gold purchases and curbing foreign travel. Investor sentiment was further dented by escalating geopolitical tensions in West Asia. The rupee weakened to 96 against the dollar, while crude oil prices surged above the $100-per-barrel mark, fuelling fears of higher inflation in medium-term. Inflationary worries also intensified after both WPI and CPI inflation edged higher due to the ongoing conflict.

Going ahead, investors will closely monito...