Taking Stock: Market Extends Fall for 5th Consecutive Day

The Indian stock market continued its downward spiral for the fifth consecutive day, with the Nifty slipping below the 24,200 mark and the Sensex tumbling 663 points.

Key market highlights:

• Nifty 50: 24,180.80 (-218.60 points, -0.90%)
• Nifty Bank: 50,787.45 (-743.70 points, -1.44%)
• Sensex: 79,402.29 (-662.87 points, -0.83%)
• BSE Smallcap: 52,335.66 (-1,307.79 points, -2.44%)
• BSE Midcap: 45,452.83 (-684.23 points, -1.48%)

Reason behind the dip

In fact, the stock market collapse is being driven by considerable selling by foreign institutional investors, who are concerned about high valuations and subdued second-quarter performance. Furthermore, this sell-off resulted in the worst pre-Diwali period for Indian investors in recent years.