The domestic equity market on Monday, January 24, logged the steepest single-day drop in about two months, with the benchmark Sensex crashing nearly 1,546 points to crack below the 58,000-level due to panic selling across counters tracking subdued global stocks.
This was the biggest single-session fall for both Sensex and Nifty since November 26 last year and also the fifth straight session of loss for the indices.
“The Indian markets have been under significant pressure in the past few days, correcting by 7 per cent from the recent highs, after a smart pullback seen since mid-December.
Investors are keenly awaiting the result of the two-day Fed meeting where the US Central Bank is expected to provide more guidance on its rate hike plans, he added.
On the forex market front, the rupee weakened by 17 paise to end at 74.60 against the US dollar on Monday.