India’s Sensex slips into correction on worries over foreign outflows, tepid earnings
1 month ago

India’s Sensex slips into correction on worries over foreign outflows, tepid earnings

Live Mint  

By Bharath Rajeswaran -India's benchmark Sensex slipped into correction territory on Monday, on persistent concerns over foreign outflows and lacklustre corporate earnings, while information technology and energy stocks led the losses. "Despite oversold conditions, caution prevails among investors in this correction phase, the steepest in four years post- pandemic, which has seen price decline of over 10% from record highs without any significant interim bounce," said Sameet Chavan, head of research at Angel One. Indian shares have been hurt by tepid corporate earnings as well as about $15 billion of foreign outflows in the 34 sessions since record highs on Sept. 27. On Monday, IT companies, which earn a significant share of their revenue from the U.S., lost 2.32% after the Federal Reserve Chair Jerome Powell indicated slower rate cuts amid ongoing economic growth and above-target inflation.

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