Nifty, Sensex plunges at pre-open, revive a little on opening but still over 1.7 pc down
First Published: 5th August, 2024 9:56 IST
The Nifty 50 index declined 414.85 points or 1.68 per cent to open at 24,302.85 points
Indian markets experienced one of the worst falls on Monday with both the indices Nifty, and Sensex registering high losses during the opening trade. Indian stock markets followed the global bloodbath.
The Nifty 50 index declined 414.85 points or 1.68 per cent to open at 24,302.85 points while the BSE Sensex slumped 2393.76 points or 2.96 per cent to open at 78,588.19 points.
In the broad market indices, all indices including Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Small cap declined around 2 per cent during the opening session.
“Expect more selling in the markets, but as we saw on June 4th and in July post the Union Budget, the strong domestic liquidity could provide a safety net for the Indian markets, in a worsening global sentiment environment” said Ajay Bagga, Banking and Market Expert.
He further added, “Globally markets are reacting after on Friday, the Sahm Rule got triggered, as US unemployment reached 4.3 per cent. This is predicting a US recession”.
The “Sahm Rule” is a recession indicator created and named after Claudia Sahm, a macroeconomist who worked at the Federal Reserve and the White House Council of Economic Advisers
In the Asian stock markets, the Japanese markets are down 20 per cent from their recent all-time highs. The Nikkei 225 index declined more than 1600 points or 4.85 per cent to 34,247.56.
The markets of Japan faced pressure after the Bank of Japan announced a well-telegraphed rate hike, which led to an unwinding of Yen Carry trades, as the Yen appreciated.
In Taiwan markets the Taiwan Weighted Index also declined by more than 6 per cent, and Singapore’s market also declined with the Straits Times index declining around 3 per cent.
The stock markets globally are facing selling pressure after the US economic data has shown weakness, with questions being raised on the Fed’s ” soft landing” of the US economy narrative. (ANI)
COMMENTS
TOPMOST STORY NOW
Live Demand For New Interlocutor Is Another Ploy To Delay Political Solution: NNPG
19th September 2024Live Meghalaya Assembly Building Nears Completion, Speaker Pushes for Green Spaces and Cultural Showcase
19th September 2024Live Tripura Aims to Generate 815 MW Renewable Energy by 2030
19th September 2024Live 1.5 Billion Year Old Fossil Unearthed in Sikkim: Govt Plans World-Class Geopark at Mamley
19th September 2024WE RECOMMEND
“Guaranteed Govt job for Agniveers…” BJP releases election manifesto for Haryana
The party also promises to offer scooters to college going female students under Awal Balika Yojana and LPG cylinders for Rupees 500 under the Har Ghar Grahini Yojana.
19th September 2024Dausa: NDRF and SDRF teams rescue girl from borewell after an 18 hour operation
Dausa: NDRF and SDRF teams rescue girl from borewell after an 18 hour operation
19th September 2024Atishi to take oath as Chief Minister of Delhi on Sept 21: Aam Aadmi Party
Aam Aadmi Party on Thursday said that Rajya Sabha MP Atishi will take oath as the Chief Minister of Delhi on September 21. “Atishi will take oath as the Chief Minister of Delhi on September 21, other ministers will also take their oaths alongside her,” the Aam Aadmi Party said in a statement. Aam Aadmi […]
19th September 2024Bihar: Train derailment in Narayanpur causes traffic disruption
Bihar: Train derailment in Narayanpur causes traffic disruption
19th September 2024Rajasthan: Two-year-old girl falls into borewell in Dausa’s Bandikui, rescue ops underway
Rajasthan: Two-year-old girl falls into borewell in Dausa's Bandikui, rescue ops underway
19th September 2024