Sensex down 1,248 points, Nifty 50 lowest since April
Business
Indian stock markets had a rough Thursday: Sensex dropped 1,248 points and Nifty 50 slid to its lowest since April.
Every major sector ended in the red, with midcap and smallcap stocks also taking a noticeable hit.
US yields and oil weaken rupee
Rising US Treasury yields (now at their highest since 2007) and surging oil prices pushed global investors to play it safe.
The rupee weakened further, and new rules proposed by India's insurance regulator added extra pressure.
Still, Vaibhav Chugh, Chief Executive Officer of Abakkus Mutual Fund, thinks steady corporate earnings could help bring foreign investment back over the next few quarters.