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Nifty Slips Below 10,000: Stocks That Led The Decline From January Peak

The index has now declined over 10-percent from its Jan. 29 record closing high of 11,130.

Employees walk past an electronic board displaying stock figures at the the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
Employees walk past an electronic board displaying stock figures at the the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India’s NSE Nifty 50 slipped below the 10,000-mark for the first time since Oct of last year as the nation’s stocks joined a global selloff triggered by prospects of a trade war.

The index has now declined over 10-percent from its Jan. 29 record closing high of 11,130. The correction was also heightened 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-value banknotes in a move to tackle corruption.

Index heavyweight banks were the worst hit after a fraud at country’s second-largest state-owned bank soured sentiment further for the sector already reeling from a bad loan crisis.

 Nifty Slips Below 10,000: Stocks That Led The Decline From January Peak