Sensex, Nifty touch 11-month low as foreign investors exit
The Indian stock market had a rough Monday. Nifty was marginally down on Monday (about 0.1%) and had earlier touched an 11-month low during the recent sell-off, and Sensex was nearly flat (down about 0.01%).
Selling was heavy across most sectors, making it a tough day for investors.
Foreign investors are selling off in a big way
Big money from foreign investors is leaving fast: FIIs sold shares worth more than ₹56,000 crore just this month.
This has contributed to the rupee moving toward about ₹92 per dollar.
Even though domestic investors tried to step in, their support wasn't enough as banking stocks and several other sectors kept falling.
Soaring oil prices and falling banking stocks spell trouble
Global tensions have sent oil prices soaring above $105 a barrel, which is bad news for India's inflation since we import so much oil.
Banking stocks and several large-cap and mid-cap names saw heavy selling.
With Nifty breaking key support levels and technical indicators showing oversold conditions, markets are feeling pretty shaky right now.