Domestic markets on Wednesday entered correction territory, with the benchmark Nifty and the broader market indices—Nifty Midcap 100 and Nifty Smallcap 100—declining more than 10 per cent from their all-time highs.
Rising domestic inflation and a strengthening US dollar added to market woes, which were already under pressure from earnings disappointments and sustained foreign outflows.
A fall of over 10 per cent from recent peaks is termed a technical correction. This is only the second time Nifty has entered the correction zone since the Covid-19 selloff in March 2020.
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