Sensex, Nifty crash in-line with selling pressure in global markets on US growth fears
PTI, Aug 5, 2024, 10:45 AM IST
Representative image (Source: PTI)
Mumbai: Equity market benchmark indices Sensex and Nifty tumbled in early trade on Monday in-line with extremely weak trends in global markets amid fears of a slowdown in the US economy and foreign fund outflows.
The 30-share BSE Sensex tanked 2,401.49 points to 78,580.46 in early trade. The NSE Nifty tumbled 489.65 points to 24,228.05.
From the Sensex pack, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti and Reliance Industries were the biggest laggards.
Sun Pharma and Hindustan Unilever were trading in the positive territory.
In Asian markets, Seoul, Tokyo and Hong Kong were trading sharply lower while Shanghai quoted higher.
The US markets ended significantly lower on Friday.
“The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. Geopolitical tensions in the Middle East also are a contributing factor,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,310 crore on Friday, according to exchange data.
“Anxiety remains high, especially after Friday’s unexpectedly weak US July jobs report, suggesting that volatility will be the hallmark of the day,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global oil benchmark Brent crude climbed 0.35 per cent to USD 77.08 a barrel.
Amid widespread selling pressure, the BSE benchmark plunged 885.60 points or 1.08 per cent to close at 80,981.95 on Friday. The broader Nifty of NSE dropped 293.20 points or 1.17 per cent to end at 24,717.70.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag
Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision
SC orders liquidation of grounded air carrier Jet Airways’ assets
Home-cooked meals become dearer in October on costlier vegetables
Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls
MUST WATCH
Latest Additions
CJI Chandrachud: A legacy of landmark verdicts that shaped society and some controversy too
Neeraj Chopra to head to South Africa for off-season training later this month
Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag
Akhilesh Yadav attacks BJP on demonetisation anniversary
SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.