A day after the central bank raised interest rates for the first time in more than three years, India's equity benchmark Nifty 50 plunged to an 18-month low on Thursday, breaching its previous 52-week trough amid a broad-based selloff.
The slide, into its ninth straight week now, has deepened concerns over further market losses, with surging oil prices threatening to keep inflation elevated, trigger more rate hikes and prolong the pain in the market.
The National Stock Exchange's Nifty 50 ended 1.64% lower at 22,231.80 on 8 October, its lowest closing level since 7 April 2025. The index had hit an intraday low of 22,179, a tad below its previous 52-week low of 22,182.
The BSE's Sensex 30 closed 1.44% down at 71,593.24, its lowest level since 13 February 2024.
Foreign portfolio investors' (FPI) selling in the index heavyweights dragged down the index.