MUMBAI: India’s benchmark Sensex slipped into correction territory on Monday, on persistent concerns over foreign outflows and lacklustre corporate earnings, while information technology and energy stocks led the losses.
The 30-share BSE Sensex followed the 50-stock Nifty and the small- and mid-cap indexes, which had slipped into correction on Nov. 13.
On the day, the Sensex fell 0.31% to 77,339.01 points, closing 10.05% below its record high level hit on Sept. 27. The Nifty fell 0.34%, declining for the seventh straight session, its longest falling streak in more than 20 months.
The relative strength index of Nifty fell below 30, indicating the benchmark may be ‘oversold’.
“Despite oversold conditions, caution prevails among investors in this correction phase, the steepest in four years post-(COVID-19) pandemic, which has seen price decline of over 10% from record highs without any significant interim bounce,” said Sameet Chavan, head of research at Angel One.
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