Stock Market Crash Today: Indian stocks extended their decline for a sixth straight session on Thursday, continuing their weak momentum, amid negative global cues and fresh foreign fund outflows.
Both Sensex and Nifty crashed more than a percent each in early trade with 49 out of the Nifty 50 stocks trading in red at the time of writing this. The Nifty fell below the psychological level of 19,000.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.
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The Israel-Hamas war is creating major headwinds for the global markets amid concerns of the possible repurcussions of an escalation of the situation.
Meanwhile, another trigger is the high US bond yields. With the 10-year bond yield at near 5%, FPIs are likely to be in the sell mode, as per V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan all in the red. Axis Bank emerged as the only gainer after reporting a 10% increase in profits for the September quarter.