New Delhi, March 13 -- The Indian stock market is undergoing one of the strongest corrections of recent times due to rising crude prices driven by the US-Iran war, a falling rupee, a relentless FII selloff, and increasing macroeconomic risks.

The stock market barometer, the Nifty 50, crashed by more than 2% to an intraday low of 23,112 on Friday, 13 March. Thus, the index has fallen by more than 12% from its record high of 26,373 hit on 5 January this year.

A double-digit decline from the peak has raised speculation about whether the market has entered oversold territory and if it is time for bottom fishing.

Given the prevailing uncertainty over the war in the Middle East, the near-term market outlook is hazy, making it difficult to pr...