Sensex, Nifty crash in-line with selling pressure in global markets on U.S. growth fears
The Hindu
Sensex and Nifty plummet due to global market fears, U.S. economy slowdown, and foreign fund outflows on August 5.
Equity market benchmark indices Sensex and Nifty tumbled in early trade on August 5 in line with extremely weak trends in global markets amid fears of a slowdown in the U.S .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 U.S. markets ended significantly lower on August 2.
"The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the U.S. economy. This expectation is now under threat with the fall in U.S. job creation in July and the sharp rise in the U.S. unemployment rate to 4.3%. Geopolitical tensions in the Middle East also are a contributing factor," said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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