Sensex, Nifty slump in early trade tracking weak global markets
The Hindu
BSE Sensex and Nifty plummet after record-breaking rally, following weak global market trends and growth concerns.
Benchmark equity indices Sensex and Nifty tumbled in early trade on Wednesday (September 4, 2024) after a record-breaking rally, tracking extremely weak trends from the global markets.
The 30-share BSE Sensex tumbled 721.75 points to 81,833.69 after a weak beginning to the trade. The NSE Nifty tanked 196.05 points to 25,083.80.
Among the 30 Sensex firms, JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra, Bharti Airtel and Axis Bank were the major laggards.
Asian Paints, Bajaj Finserv, Bajaj Finance, and Hindustan Unilever were the gainers.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading sharply lower.
The U.S. markets ended significantly lower on Tuesday (September 3, 2024).
"The selloff in U.S. markets yesterday (Tuesday) was triggered by growth concerns. There are indications of U.S. manufacturing moving into contraction, thereby threatening the soft landing expectation, which has been the pillar of support for the mother market U.S. and consequently for other markets, too," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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