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Markets crash as FII sell-off continues
The Morning Standard
|October 23, 2024
Foreign investors shift to cheaper markets amid weak Q2 earnings, stronger bond yield & dollar
INDIA'S equity market benchmark NSE Nifty50 on Tuesday plunged to its lowest level since mid-August amidst relentless selling by foreign institutional investors (FIIs), weak September quarter corporate earnings, strengthening of bond yield and dollar, and diminishing chances of another interest rate cut by the US Federal Reserve.
India's benchmark indices - NSE Nifty and BSE Sensex - fell more than 1% each on Tuesday. The Sensex fell 930 points, or 1.15%, to settle at 80,220, while the broader NSE Nifty plunged 309 points, or 1.25%, to close at 24,472.
Investors lost more than ₹9 lakh crore on Tuesday as the market capitalisation of all listed companies on BSE came down to 445.5 lakh crore from ₹454.6 lakh crore on Monday.
The rupee weakened on Tuesday to settle at a new closing low of ₹84.08 against the USD.
This story is from the October 23, 2024 edition of The Morning Standard.
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