Indian stocks are breaking long-held supports as selloff deepens
The index is down 2.3% this week and is on track for an eighth straight weekly decline, which would mark its longest losing streak since the end of the ‘dot com’ bubble era
Indian equities are experiencing a significant selloff as the benchmark NSE Nifty 50 Index breaks through multiple long-held technical support levels. The index has fallen for seven consecutive weeks, erasing nearly $250 billion in market value and hitting a new low by breaking below its 200-day moving average for the first time in six years.
The decline has been driven by a combination of factors, including rising global bond yields, India's heavy reliance on oil imports, and the lack of significant artificial intelligence plays. The selloff has caught many market participants off guard, as Indian stocks were previously considered one of the most favored structural trades in emerging markets due to strong economic growth and domestic inflows.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
