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Indian Stocks Plunge Amid Global Tech Sell-off
24 Jun
Summary
- Indian indices saw their sharpest drop in nearly a month.
- A strong US dollar and profit-taking pressured markets.
- Pharma and healthcare sectors bucked the broad decline.
Indian benchmark stock indices recorded their sharpest single-day decline in almost a month on Tuesday. This significant fall mirrored a broader sell-off across Asian markets, largely attributed to weakness in global technology and semiconductor stocks. Investor sentiment was also negatively impacted by a strengthening US dollar, fueled by expectations of potential interest rate hikes by the US Federal Reserve to combat inflation.
The NSE Nifty 50 closed down by 1.2%, falling 278.80 points to 23,824.10. Similarly, the BSE Sensex declined by 1.2%, shedding 893.39 points to end at 76,200.68. This downturn occurred amidst increased market volatility, with the India VIX jumping 8.6% to 13.9. Analysts are closely monitoring key support levels, with a breach below 23,800 potentially intensifying the sell-off.
