Virat Kohli Becomes Fastest Batter to 27,000 International Runs, Breaks Sachin Tendulkar's Record
Indian cricket star Virat Kohli has achieved yet another milestone in his illustrious career, becoming the fastest batter to reach
The Indian stock market experienced a significant downturn on Monday, with investors losing nearly Rs 3 lakh crore as the Sensex and Nifty indices sank. Several key factors contributed to this decline.
One of the primary reasons for the market's fall is the outperformance of Chinese stocks. The Hang Seng index surged by around 18% in September, driven by hopes of a revival in the Chinese economy following monetary and fiscal stimulus measures announced by Chinese authorities. This has led foreign institutional investors (FIIs) to shift their focus towards Chinese markets, impacting Indian equities.
Geopolitical tensions, particularly the escalation of Israeli strikes across Lebanon, have added uncertainty to global markets. Although oil prices have been relatively stable due to potential supply increases, the ongoing conflict in the Middle East has heightened concerns over energy supplies. Rising crude oil prices, with Brent crude futures up by 0.71% and U.S. West Texas Intermediate increasing by 0.63%, have further pressured the Indian equity market, given India's heavy dependence on oil imports.
Investors are anxious ahead of several key events this week, including a speech by Federal Reserve Chair Jerome Powell later today. Other Fed officials are scheduled to speak throughout the week, and markets are closely watching for signals on the direction of monetary policy. Key data points, such as job openings, private hiring numbers, and ISM surveys on manufacturing and services, are also due. The week will culminate with the US payrolls report, which could influence the Federal Reserve's decision on interest rates in November.
The decline was led by significant drops in Reliance Industries, IT, and financial stocks. These sectors have been particularly vulnerable to the broader market sentiment and external factors such as geopolitical tensions and global economic indicators.