Stock market today: Why Sensex crashed 3,000 points in six days — explained

livemint.com:

BSE Sensex today opened lower at 63,774 levels and went on to hit intraday low of 63,403 within few minutes of stock market's opening bell today. The 30-stock index has been under sell of heat for the last six days and it has fallen from 66,428 levels to 63,403 levels, losing over 3,000 points in this time. Nifty 50 today opened lower for sixth day in a row and hit intraday low of 18,920 levels, losing around 890 points in this time.

Similarly, Bank Nifty index today opened lower at 42,708 levels and went on to hit intraday low of 42,371 levels, losing around 2,000 points in this time. On why share market is going down for the last six straight sessions, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets.

If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown. In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode.