Sensex tumbles over 1,100 points as Nifty falls below 23,100
Business
The Indian stock market had a rough Thursday, with the Sensex tumbling more than 1,100 points and the Nifty slipping under 23,100.
Financial stocks were hit hardest as investors reacted to a mix of global and local worries.
US yields, Brent, insurance regulator proposals
Rising US Treasury yields are making foreign investors rethink India, while Brent crude oil jumping past $100 a barrel is bad news for an oil-import-heavy country like ours.
On top of that, the insurance regulator's proposed changes to commissions and distribution payouts have dragged down banks, insurance distributors, and non-bank lenders with significant insurance distribution income even further.
All in all, it's been a tough day for anyone tracking the markets.