India's Sensex and Nifty Plunge Amid Market Sell-off

India's stock market indices, Sensex and Nifty, experienced a significant decline on Monday, hitting levels not seen since May 2024. The downturn is attributed to three primary factors: persistent selling by Foreign Institutional Investors (FIIs), who offloaded $384.67 million in equities on Friday; rising Brent oil prices, which reached $107 per barrel and sparked concerns over inflation and borrowing costs; and the increased tax burden on capital gains implemented in July 2024, which has negatively impacted investor sentiment.