(Bloomberg) -- India's S&P BSE Sensex is headed for a correction as the gauge retreated 10 percent from its Jan. 29 record closing high of 36,283.25, as the nation's stocks joined a global selloff triggered by prospects of a trade war. Sentiment on Indian equities has also soured recently on the prospects of the ruling party in a spate of state polls this year and general elections in 2019. The last time the Sensex had a retreat of similar magnitude from peak to trough was in late 2016 after Prime Minister Narendra Modi junked high-value banknotes in a move to tackle corruption.
To contact the reporter on this story: Ravil Shirodkar in Mumbai at rshirodkar@bloomberg.net.
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Divya Balji
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