MUMBAI: The stock market tumbled on Thursday spooked by fiscal deficit readings for the April-October period and State Bank of India’s move to raise bulk deposit rates. Bank shares led the losses as investors understood SBI’s move to increase bulk deposit rates to portend higher interest rates.“The worry in the market for now is that the cost of funds will go up. Fiscal deficit was 79.3% in the same period last year.The markets fear the government would borrow more and miss the fiscal deficit target for the year ending March 2018. The Volatility Index or VIX surged 3.75% to 13.55, suggesting traders were wary of risks to market in the near term. A below par BJP performance is unlikely to go down well with the investors.

Source: Economic Times November 30, 2017 18:22 UTC