Sensex Plunges More Than 2,400 Points
5/8/2024,
Sensex Plunges More Than 2,400 Points As Job Data Stokes Fears of a Recession July job growth in the US slowed down more quickly than expected, according to figures released on Friday after market hours. The announcement caused fear about an imminent economic recession and weighed on world markets.
In the wake of the global carnage, Indian markets saw one of the worst dips of the day, with the Nifty and Sensex recording significant losses in the first trade.
Nifty dropped 463.50 points to 24,254.20, while Sensex dropped 2600 points to 78,385.49.
The benchmark indexes Nifty 50 and S&P BSE Sensex concluded their longest weekly winning streak in almost 14 years on Friday, with information technology firms leading the way. This followed a worldwide selloff that was set off by US economic data that was lower than anticipated.
The rupee also had a bad start to the day, falling to an all-time low of 83.80 against the US dollar as foreign markets remained risk-averse.
According to statistics that were made public after market hours on Friday, the US job growth in July slowed down earlier than anticipated.
Concerns about an imminent economic crisis intensified in response to the statement, which had an impact on world markets.
It’s also expected that investor anxiety will rise in the wake of the US elections in November.
Investors from all around the world are interested in the Middle East’s changing dynamics.
Following the purported Israeli death of Hamas leader Ismail Haniyeh in Tehran, tensions in the Middle East are rising.
The largest laggards in the Sensex pack were Adani Ports, followed by Maruti, Tata Steel, JSW Steel, and Reliance Industries.
Hindustan Unilever and Sun Pharma were trading in the positive territory.
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