Indian markets slump after South Korea KOSPI drop, Nifty falls
Markets in India took a hit on Tuesday after South Korea's KOSPI index dropped sharply, with shockwaves felt in Mumbai.
The Nifty 50 fell by 278.80 points and Sensex lost nearly 900 points, both closing near their day's lows as selling picked up later in the day.
Even midcap and smallcap stocks weren't spared, showing that the slump was pretty widespread.
Tech and metals slide, pharma up
Tech stocks slid over 2% after big firms like Jefferies and Morgan Stanley flagged weak demand following Accenture's gloomy outlook.
Metals dropped even more, by as much as 3%, thanks to falling global prices.
On a brighter note, pharma stocks got a boost as the US Food and Drug Administration reached out to Indian drugmakers through the Indian Drug Manufacturers's Association for help with cancer medicine shortages.
VIX up 9%, Nifty hold 23,750
With India's volatility index, the VIX, jumping over 9%, uncertainty is clearly rising.
Analysts say it's crucial for Nifty to stay above its support level of 23,750 to avoid more trouble, especially as global trends keep shaking things up.