(Bloomberg) — The selloff in Indian equities is approaching another grim milestone, with the benchmark index poised for a record 10th straight day of decline amid continuous selling by overseas investors.
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The NSE Nifty 50 Index fell as much as 0.7% Tuesday, hitting its lowest level in nine months and extending a drop from the September peak to 16%. Global funds have been leading the selloff, pulling nearly $14 billion this year, driven by concerns about slowing economic growth and relatively high valuations.
The shift in sentiment for Indian equities has been swift, considering that the South Asian nation was a favorite among most emerging-market fund managers as recently as September. A rebound in Chinese stocks and a resurgent dollar have further dimmed the appeal of Indian assets.
Still, recent government measures to boost consumption, along with efforts to negotiate a bilateral trade agreement with the US to avoid tariffs are expected to support stocks. Also, oversold technical indicators and declining demand for hedges among traders point to a potential near-term rebound in domestic equities.
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