New Delhi, Dec. 15 -- The Indian stock market benchmark, the Nifty 50, is struggling to sustain the 26,000 mark. A baffling question that market participants are grappling with is why the forward-looking market is not discounting a potential earnings growth from Q3 onwards, valuation comfort, and a healthy macroeconomic backdrop.

There appear to be three key reasons behind the market's recent subdued performance: the rupee's sharp decline against the US dollar, persistent uncertainty over an India-US trade deal, and relentless selling by foreign institutional investors (FIIs).

The rupee fell 26 paise to an all-time low of 90.75 against the US dollar in intraday trade on Monday. FIIs have sold off Indian stocks worth Rs.19,605 crore in t...