The Indian stock market is in a downturn, with the Nifty 50 experiencing its longest losing streak in 29 years. As of March 3, it fell over 16% from its peak, leading to significant losses in market capitalization for investors.

Indian benchmark indices, Sensex and Nifty, dropped after opening in green higher on Monday, following positive signals from other Asian markets, with IT and auto stocks leading the gains. The market also saw an uptick after Friday’s data revealed India’s economy grew by 6.

Currently, Nifty 50's price-to-earnings ratio on a trailing 12-month basis is at 19.7 times, down from the 40.3 times seen in March 2021, according to NSE data.