Benchmark stock indices in India witnessed a significant decline for the fifth consecutive day, reaching multi-month lows. This downturn was driven by a combination of factors, including disappointing Q2 earnings, ongoing foreign fund outflows, and mounting concerns over rising domestic inflation.
The Sensex closed at 77,691 points, down 984 points or 1.25%, while the Nifty ended at 23,559 points, down 324 points or 1.36%. The day's trading saw all sectoral indices in the red, reflecting broad-based losses across the market.
ICRA Analytics highlighted that the Indian equity markets opened on a positive note but quickly succumbed to a sell-off, which swept through all sectors. The primary catalysts for this were a rise in the US dollar index and persistent foreign fund outflows. Despite a brief period of optimism following the US elections, the Indian market's attention has largely shifted to domestic factors.
This story is from the November 14, 2024 edition of The Business Guardian.
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This story is from the November 14, 2024 edition of The Business Guardian.
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