Indian markets opened lower and extended losses as the rupee slid to a fresh record low. The move was tied to higher oil prices amid Middle East tensions, following US President Trump’s rejection of an Iran peace proposal. Weakness spread across sectors with IT stocks leading declines, as global uncertainty and foreign institutional selling added to bearish sentiment.
India is still seen as a key emerging market destination even after a reported $21 billion FII sell off. A Jefferies Greed & Fear report points to a “reverse AI trade” that has reduced India’s weight in the MSCI Emerging Markets Index to 12 per cent, yet mid caps have managed to outperform the Nifty amid the volatility.
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