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Nifty 50 breaks 200-day support as India selloff deepens
The NSE benchmark has fallen for seven straight weeks, removing nearly $250 billion in market value.
LiveMint Markets says India’s NSE Nifty 50 is breaking multiple long-held technical support levels as a selloff accelerates in a market that had attracted global investors as an emerging-market favorite.
The outlet reports the Nifty 50 has declined for seven straight weeks, wiping out nearly $250 billion in market cap, and it has closed below its 200-day moving average on a weekly basis for the first time in six years, with a Tuesday move pushing it under that level for the first time since March 2020.
LiveMint Markets links the pressure to several overlapping factors, including India’s reliance on oil imports, which can raise inflation risk, and a broader rise in global bond yields that makes local stocks less attractive to foreign investors.
The outlet also notes the BSE Sensex breached its own 200-day support level last week, and the Nifty 50 is down 2.3% this week, with an eighth straight weekly decline expected if the trend continues.
Latest closeSensex 73,895.74 ▲0.4%