Indian markets witnessed a massive sell-off as the Sensex tumbled 1,600 points and the Nifty fell over 450 points, with both indices down 10% in March. Investors lost over 47 lakh crore rupees in wealth during the month. The rupee hit a historic low, crossing 95.14 against the US dollar for the first time, despite RBI interventions. Banking stocks bore the brunt, with the Nifty Bank down 4% after the RBI capped banks’ open positions in the onshore forex market at $100 million. Analysts warn mark-to-market losses could hit 4,000 crore rupees, affecting Q4 earnings. Finance Minister Nirmala Sitharaman told Lok Sabha that foreign exchange reserves remain strong and the rupee is performing better than peers amid global currency volatility. FIIs pulled out 1.2 lakh crore rupees in March, marking the worst monthly sell-off in stock market history. Market expert Shankar Sharma advised caution, stating the crisis is still unfolding and investors should not rush in. The ongoing Iran-US-Israel conflict, rising crude oil prices beyond $115 per barrel, and continuous FII outflows have intensified market pressure.
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