Stock market woes hit retail sales across sectors
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The negative sentiment around volatile domestic stock markets is rippling out and has started hurting sales of consumer goods that recently showed some green shoots of recovery. Sales of two-wheelers, luxury cars, smartphones, refrigerators, television sets and premium apparel are showing the effects, with several manufacturers posting slower sales in February, from the previous month. Many Indians have moved savings to investments in stocks and mutual funds over the last couple of years, said Jyoti Malhotra, managing director at Volvo Car India. "Stock markets are currently showing a lot of volatility, affecting everybody. When you see your investments in the red, you would not want to make fresh purchases." Smartphone sales in February fell 10-15% from January, according to the All India Mobile Retailers Association. Sales of refrigerators and televisions declined by 7-10% sequentially in February, faster than a 5-6% fall in J...