Sensex, Nifty see worst July in 17 years: Where are the markets headed?

Analysts say there is more pain in store for the markets, as both global and domestic developments are likely to dent sentiment further

Tax on foreign portfolio investors proposed in the Union Budget, weak corporate earnings amid a slowing economy and falling consumption dented sentiment in July with the frontline benchmarks – the S&P BSE Sensex and the Nifty 50 – slipping around 6 per cent. This was the worst month for the indices in nearly 17 years. On Thursday, the Nifty50 slipped below the 11,000 mark and has thus far tanked around 9 per cent from its 52-week high of 12,103.05 levels hit on June 3. 

Analysts say there is more pain in store for the markets, as developments – both global