Dalal Street witnessed a significant decline on Monday, with the Sensex and Nifty indices falling due to bearish sentiment in a shortened trading week.
The Nifty experienced a steep correction of over 10% from its all-time highs in September, reaching 23,369.85 with a decline of 0.69%. This decline can be attributed to foreign fund outflows, selling pressure in IT stocks, and cautious remarks from US Federal Reserve Chairman Jerome Powell regarding rate cuts.
Additionally, global brokerage Citi downgraded Indian equities, expressing concerns about weakening earnings momentum. The subdued results from the September quarter have further impacted investor confidence, resulting in the sharpest decline in four years since the pandemic. As investors navigate this turbulent environment, the outlook remains uncertain.