India’s $360 billion stock rout raises stakes for Modi’s Budget

Attention is focused on whether the Indian markets are under pressure across assets, with stocks, the rupee and bonds all weakening, leaving investors banking on the budget to reset sentiment. Equities are down about 4% this year, with the NSE Nifty 50 Index off to the worst start to a year since 2016. Global funds remain net sellers of shares, while heavy bond issuance continues to weigh on debt markets. Local stocks have wiped out around $360 billion in market value so far this month, according to data c ...