The Indian stock markets on Monday came under heavy selling pressure, with Sensex plunging nearly 900 points as investors turned cautious amid a volatile market environment.
\n\nThe sharp decline weighed on investor sentiment, with market participants tracking global cues, developments in West Asia, crude oil price movements and the rupee-dollar trend for further direction.
\n\nAt close, Sensex was down 876.37 or 1.17% at 73,852.90 while Nifty was at 22,888.95, down by 257.20 points or 1.11%.
\n\nThe sell-off comes as investors remain watchful of corporate earnings, foreign institutional investor (FII) activity and developments surrounding the proposed Jio Platforms initial public offering (IPO). Rising geopolitical uncertainty and fluctuations in crude oil prices could also influence market sentiment, particularly given their potential impact on India's inflation outlook, corporate costs and the broader economy.
\n\nSelling in banking stocks continue to intensify with the largest private bank lenders such as HDFC Bank, ICICI Bank and Axis Bank were the top index drags today on Dalal Street.
\n\nThe decline came following their September quarter results. These three stocks together accounted for over 50 per cent of the selling in the Sensex.
\n\nFor investors, a sharp market correction can lead to short-term volatility and a decline in…
Original source: https://www.timesnownews.com/business-economy
