Sensex down 1,636, Nifty50 down 488, wiping nearly ₹10L/cr
Business
Indian stock markets had a rough Monday, with the Sensex dropping 1,636 points and Nifty50 down 488 points, wiping out nearly ₹10 lakh crore in market value.
Market breadth remained decisively negative, with declines outpacing advances by a ratio of one to six.
RBI forex rules hit bank stocks
Major banks like HDFC Bank and SBI lost up to 5%, thanks to new RBI forex rules stirring up volatility.
On top of that, global tensions in West Asia pushed oil prices higher and spooked investors.
The rupee slid to an all-time low of 95.22 against the dollar while foreign institutional investors offloaded about ₹4,367 crore in the previous session, extending persistent outflows through March.