Sensex and Nifty Plummet Nearly 3% Amid Global Market Turmoil

Ira Singh
Khabar Khabaron KI,05 Aug’24

The Indian equity markets experienced a tumultuous day as both the Sensex and Nifty indices tumbled almost three percent on Monday, after weak global cues fueled panic selling amongst investors, resulting in a broad-based selloff.At close, the Sensex was down 2,222.55 points or 2.74 percent at 78,759.40, and the Nifty was down 662.10 points or 2.68 percent at 24,055.60. About 471 shares advanced, 3082 shares declined, and 88 shares unchanged.

Domestic equity indices felt the impact of worldwide market turbulence,as a host of external factors like recession fears in the US on the back of weak jobs data, interest rate hike in Japan leading to impact on Yen-carry trade and a raging Middle East conflict triggered massive sell-off across the board.

HUL, Nestle, Tata Consumer, HDFC Life were the biggest gainers on the Nifty,while losers included Tata Motors, Adani Ports, ONGC, Hindalco, Tata Steel.

On the sectoral front,all the sectoral indices ended in the red with auto, metal, capital goods, oil & gas, power, media, realty down 4 percent each.BSE Midcap index shed 3.6 percent and Smallcap index fell 4.2 percent.

Rupee Close:
On 5 Aug’24,the Indian rupee drops 31 paise to settle at an all-time low of 84.03 against the US dollar on Monday, following a sell-off in broader global markets amid rising geopolitical tensions in the Middle East and worries over recession in the US.

Forex traders reportedly stated the downfall in the domestic unit came on the heels of a sharp downturn in the Indian equity markets and significant foreign fund outflows.

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