Fear Takes Over First Day of Trading in New FY

From what I understand, everything was basically okay, until word of a rate hike by India’s central bank hit the wires. This news came early during the afternoon session in Tokyo, just as the Indian markets were opening. Indian stocks tanked — I believe the BSE 30 ended down by just under 5% for the day. India has been one of the worst performing countries YTD across Asia. The Nikkei lost just shy of 260 points (-1.5%) to 17,028.41. Decliners outnumbered advancers over 9:1 at 1,503 x 162. Among the 33 TOPIX sectors, 32 of them were down, with only food-related stocks posting gains.