The value of equity cash trading in India fell to the lowest level in almost a year after a broader selloff took the local market near correction levels.
The 10-day moving average of the combined turnover on Indian exchanges dropped to about $12 billion on Wednesday, a value not seen since early December. The move came as the benchmark NSE Nifty 50 Index has fallen around 8% from its September peak, placing it close to a so-called technical correction of a 10% peak-to-trough decline.
Disappointing second-quarter earnings and persistent selling from foreign investors have dampened sentiment on Indian equities. Markets are now hoping for a bout of government spending to stimulate the economy in the upcoming quarters.
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