Swastika Investment Ltd Managing Director Sunil Nyati said the market corrected due to selling in the broader market, weak global cues, selling by Foreign Institutional Investors (FIIs), upcoming US Federal Reserve meeting and rising crude oil prices.
When there is widespread selling across various sectors and stocks, it can lead to overall market decline as investors' sentiment turns negative, Nyati said.
"India is a major importer of crude oil, and higher oil prices can negatively affect the country's trade balance, inflation, and fiscal situation," Nyati added. Read more:
