Indian stock market index Sensex today fell over 900 points, extending its losses to the fourth day. The Nifty tumbled nearly 2% to fall to 13,950 points today.
Locking up of large sums in the recent IPOs and pre-budget nervousness have led to the current round of selloff.
It appears that the market is a bit apprehensive of some budget tax proposals which may not be market-friendly.
Global markets have meandered since last week. Investors worry about the troubles with COVID-19 vaccine rollouts and the spread of new variants of coronavirus might delay a recovery from the pandemic.
L&T’s results, particularly the order book, bodes well not only for the company but also for the economy. L&T shares were down by 2% in today’s trade.
Investors are also concerned about a possible delay in rollout of President Joe Biden’s $1.9 trillion coronavirus relief plan.