Market Rout Finally Spurs a Correction for India's Sensex: Chart

(Bloomberg) -- India’s S&P BSE Sensex is headed for a correction as the gauge retreated 10 percent from its Jan. 29 record closing high of 36,283.25, as the nation’s stocks joined a global selloff triggered by prospects of a trade war. Sentiment on Indian equities has also soured recently on the prospects of the ruling party in a spate of state polls this year and general elections in 2019. The last time the Sensex had a retreat of similar magnitude from peak to trough was in late 2016 after Prime Minister Narendra Modi junked high- banknotes in a move to tackle corruption.

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