Indian stock markets faced a severe downturn today, with both the Nifty and Sensex experiencing substantial losses right from the start of trading. The Sensex plummeted by 2,600 points, settling at 78,385.49, while the Nifty fell 463.50 points to 24,254.20.
This dramatic decline marks the end of the longest weekly winning streak for the Nifty 50 and S&P BSE Sensex in over 14 years. The drop was significantly influenced by a global selloff triggered by disappointing US economic data, which affected technology stocks particularly hard.
The Indian rupee also saw a decline, reaching a record low of 83.80 against the US dollar, reflecting the global risk-off sentiment that bolstered the dollar’s strength.
The latest US economic data, released after market hours on Friday, revealed slower-than-expected job growth for July, fueling concerns about an impending economic slowdown and contributing to a global market sell-off.
Additionally, the upcoming US elections in November are adding to investor uncertainty.
Global attention is also focused on the escalating tensions in the Middle East, following the assassination of Hamas leader Ismail Haniyeh in Tehran, which is alleged to have been carried out by Israel.
Among the Sensex constituents, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti, and Reliance Industries were notable underperformers, while Sun Pharma and Hindustan Unilever managed to show positive movement.
