The Sensex closed at 57,011, down by 889 points or 1.5 per cent while the Nifty50 ended at 16,985, down by 263 points or 1.5 per cent.
He said that despite a big global event in US Federal Reserve during the week the markets did not react much.
The FIIs are also pulling their investments in the Indian equities with USD’s sharp rise against the INR, Jain said.
The markets are starting at difficult times ahead.