Indian markets surrendered to weak global cues amidst rising yields and the dollar index on Friday and extended their downfall. Sensex nosedived over 1,245 points and Nifty 50 plummeted more than 380 points today on a broad-based selloff across sectoral indices. Steep profit booking in IT, consumer durables, and auto stocks soured markets’ moods heavily. Fears of recession due to concerns of a slowdown in major economies acted as the elephant in the room for dragging markets globally. On Dalal Street, over ₹6.18 lakh crore of investors’ wealth eroded in a single day. Markets to focus on monetary policy outcomes of major central banks ahead.
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