On Monday, stock markets crashed, with the BSE Sensex ending the day down 1.6 per cent. The Indian markets were, however, not an outlier. Some of the other Asian markets also witnessed weakness. The Nikkei index was down 1.5 per cent while the Hang Seng fell by 0.4 per cent. In the Indian markets, the selling pressures were broad-based, not just limited to the larger companies. The BSE Midcap index fell by 2.4 per cent, while the Smallcap index declined by more than 3 per cent. The Nifty VIX, a fear gauge, was up 15.6 per cent.

The triggers for the fall appear to be both global and domestic. On the global front, investors are apprehensive about the possible changes to US policy after

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