Sensex slides below 58,000 as weak cues continue to impact the market
Sensex, the benchmark stock market index in India, closes below 58,000 points for the first time since December 2021.
The decline is attributed to weak global cues as investors worry about rising inflation and the Federal Reserve's monetary policy.
The surge in COVID-19 cases and the emergence of new variants also contributed to the market's decline, as investors worry about the potential impact on economic growth.
The Nifty 50, another major stock index in India, also sees a decline of more than 1% on the same day.
The financial sector is among the worst hit, with banking and NBFC stocks witnessing a significant drop in prices.
Metal and energy stocks also face selling pressure as investors worry about the impact of rising commodity prices on the economy.
The Indian rupee also weakens against the US dollar due to the market's negative sentiment, falling to a 9-month low.