Key Points
The BSE Sensex, influenced by weak global trends and a drop in bank stocks, plummeted by 1,628 points..
The decline in the Indian stock market can be attributed to hawkish comments made by the US Federal Reserve, which caused a spike in yields on US 10-year bonds and the US dollar index..
Additionally, India's stock market valuations are relatively high compared to other global stock indices, leading investors to wait for more positive cues before increasing their equity exposure..
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., attributed the decline in domestic equities to a weak global environment, the selloff in HDFC Bank, hawkish comments from the US Federal Reserve, escalating tensions in the Middle East, and a spike in bond yields, all of which negatively affected investor sentiment...
The bankex index tumbled by 4.02%, financial services fell by 3.76%, metal declined by 2.86%, commodities dropped by 2.31%, telecommunication decreased by 1.94%, and realty fell by 1.47%..
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