Indian stocks' worst run in 29 years, wiping $1 trillion in wealth, may yet have legs
NSE Nifty 50 recorded its fifth straight monthly loss — its longest such streak since 1996 — making India the worst performing global market, with investors and derivative markets signalling the pain is likely to linger.
Weak earnings, persistent foreign outflows and uncertainty regarding U.S. tariffs have dragged the Nifty about 15% lower from its September peak, eroding nearly 85 trillion rupees (nearly $1 trillion) in investor wealth.
«In the current scenario of U.S. tariff uncertainty, Indian markets will struggle a bit more,» said Mahesh Patil, chief investment officer at Aditya Birla Sun Life Asset Management Company, which manages equity assets worth about $46 billion.
While there could be brief rallies because of oversold conditions, «India will remain a sell-on-rise market for a few more months,» Patil said.
Foreign investors have sold Indian equities worth about $25 billion on a net basis since the end of September, of which $4.1 billion was in February.
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