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What is leading to panic in Indian markets? Global selloff, GameStop among 5 big factors

The S&P BSE Sensex has broken below 47,000 levels, a fall of about 4,000 points from the high of 50,184 recorded on January 21. The Nifty50 has also fallen by about 1000 points from the high of 14,753.

January 28, 2021 / 05:42 PM IST

Indian market plunged for the fifth consecutive day on January 28, wiping out by about Rs 10 lakh crore of investor wealth on the BSE in a matter of days. The selloff comes days ahead of the Budget 2021, which will be tabled on February 1.

The S&P BSE Sensex broke below 47,000 levels (intraday on January 28), a fall of about 4,000 points from the high of 50,184 recorded on January 21. The Nifty50 has also fallen about 1,000 points from the high of 14753.

At close, the Sensex was down 535.57 points or 1.13% at 46,874.36, and the Nifty was down 150 points or 1.07% at 13,817.50.

Sectorally, the selloff has been seen in banks, realty, IT, finance, as well as FMCG sectors while some buying was seen in auto, as well as oil & gas space.