The lead-up to this year’s festival saw a significant downturn in India’s market, with FIIs pulling out $10 billion in October—surpassing even the capital flight during the March 2020 Covid-19 lockdown. The benchmark index experienced its largest monthly decline in over four years. This selling pressure seems far from over, as stock valuations remain high and corporate earnings expectations dim following a series of disappointing results for the September quarter across industries.
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