Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
Indian Stock Market Faces Decline Amidst Foreign Fund Outflows and Weak Global Cues
Background:
The Indian stock market has experienced a significant downturn in recent months due to a confluence of factors, including:
Current Situation:
On Monday, the Indian stock market faced a further decline in early trade, continuing the downward trend seen in recent weeks. The benchmark Sensex and Nifty indices both opened lower, with heavy selling observed in IT stocks and other major companies.
Major Losers:
Among the major losers on Monday were:
Rupee and Foreign Fund Outflows:
The Indian rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market. In the past month alone, foreign investors have withdrawn over $10 billion, contributing to the ongoing sell-off.
FAQs:
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