Sensex crashes 7,700 points in 5 weeks. Will November get nastier?
Sensex has lost over 7,700 points in a matter of just 5 weeks or 25 trading sessions.
After hitting a record high of 85,978 points on 27 September, Sensex fell for four consecutive weeks before consolidating in the Diwali week. Ahead of two key events — the US election and the Fed meeting — traders chose to opt for a risk-off mode on Monday when the Sensex fell nearly 1,500 points. Nifty fell about 2% to 23,800 — its lowest level since August 6.
Both Nifty and Sensex are approaching their 200-DMAs, around 23,500 and 77,000, respectively, where a temporary bottom may form, said analysts.
«The expectation of another stimulus package from China is driving fund outflows from India to China, while FIIs are also booking profits ahead of the significant upcoming US elections. Additionally, DIIs appear to be on the sidelines amid major global events,» said Santosh Meena, Head of Research, Swastika Investmart.
Also read | Monday Mayhem! Investors lose Rs 8 lakh crore as Sensex crashes 1,400 pts; 4 factors behind the fall
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