In a dramatic reversal of fortunes, the Indian stock market’s record-breaking streak came to a screeching halt today as MM bank stocks went into free fall, triggering a broad sell-off that sent the Sensex tumbling 150 points to 48,852. The Nifty also took a hit, shedding 134 points to close at 24,366.
Banking Stocks Bleed
The banking and financial sector, which had been leading the market’s charge, was the worst hit, with the Nifty Bank index plummeting over 1% to 20,432.
Investors Scramble for Cover
The sudden downturn has left investors reeling, with many wondering if the correction has finally arrived. “This was a much-needed correction,” said market analyst Ashok Gupta. “The market had been overbought for some time, and this is a reality check.”
Market Mood Turns Cautious
The market’s sudden turn has left investors cautious, with many adopting a wait-and-watch approach. “We’re advising our clients to be cautious and not to panic,” said another analyst. “This is a normal correction, and the market will recover soon.”
