The Indian markets have shown high correlation to their counterparts in the US this year
India’s benchmark indices dropped on Monday, along with global peers, as US Federal Reserve Chairman Jerome Powell’s comments on keeping interest rates high rattled investors who were hoping that the economic slowdown would prompt a less restrictive policy and a pause in rate hikes soon.
The Sensex finished at 57,972, down 861 points, or 1.46 per cent – the most since June 16, even as the 30-share index slumped as much as 1,466 points, or 2.5 per cent, in intra-day trade. The Nifty, on the other hand, plunged 246 points, or 1.40 per cent, to settle at 17,313.
The fall seen in the Indian markets was less severe compared to the Friday sell-off on Wall Street, where key gauges declined over 3
First Published: Aug 29 2022 | 8:42 PM IST