The Indian markets have gotten off to a cataclysmic start to the trading week. The marquee indices suffered major losses in the trading session on Monday, August 8. The markets opened with a decline of at least over 1 per cent across major indices, including Sensex, Nifty and Nifty Bank.
Markets In Decline
After the halfway mark, the BSE Sensex has lost over 2.5 per cent of its value. The NSE Nifty also lost over 2.5 per cent of its value.
Anand Mahindra's Word Of Caution
Amidst the bloodbath that has ensued on Dalal Street, one of the leading voices of India Inc. Mahindra Group chief, Anand Mahindra, took to his X account to add some wise words of caution.
Mahindra, addressing the need to stay patient and calm while investing, said, "Never a better time to deploy the ancient Indian practice of Pranayama."
In addition, he further went on to add, that 'It’s about breathing deeply and looking inwards'.
Commenting on the larger picture of the Indian economy and its rise, he said, "What I see is an India that is an oasis in the world. Whose Rise will not be impeded in the medium to long term."
He concluded his word of advice by saying, "Play the long game…"
At 13:56 IST, the BSE Sensex dropped to 78,911.29, shrinking by a colossal 2070.66 points or 2.56 per cent.
The NSE Nifty also saw red as the index diminished by 605.60 points or 2.45 per cent, to drop to 24,112.10.
The Nifty bank declined to 50,127.55, declining by 1,222.60 points or 2.38 points.
The NSE Nifty also saw red as the index diminished by 605.60 points or 2.45 per cent, to drop to 24,112.10. | Image: Wikipedia (Representative)
This recent bloodbath is deemed a 'global sell-off'. This development is being attributed to a couple of factors, including the US Federal reserve's decision to retain the interest rate at 5.25 per cent to 5.50 per cent. In addition, this comes a day before the MPC meeting, which begins on August 6 and concludes on August 8.
A decision to decrease, retain or even increase the rates will determine the future course of the markets.
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