Sensex Falls 1,400 Points, Nifty Below 24,350: Stock market crash today: Weak global signals caused the Indian indices to open lower today, with the Sensex down about 1,400 points and the Nifty below 24,350. The Nifty was down 404.40 points, or 1.64 percent, at 24,313.30, while the Sensex was down 1.62 percent at 79,671.48. A little over 442 shares rose, 2368 shares fell, and 154 shares remained unchanged. On the Nifty, Maruti Suzuki, Tata Motors, Hindalco, Titan Company, and Tata Steel were the top losers, while Apollo Hospital and Sun Pharma were among the top gainers.
Titan stock drops by more than 4%
Titan’s stock dropped 4.1% after the wristwatch and jeweller missed first-quarter earnings projections due to lower demand for its core jewellery line as a result of rising gold prices. Titan, a firm controlled by the Tata group, recorded a 5% decline in consolidated earnings to 7.15 billion rupees, making it the worst loser on the Nifty 50 index.
Shares of SBI fell 2% following Q1 results.
The biggest lender in India, State Bank of India (SBI), announced a 1% increase in net profit for the first quarter of the current fiscal year, coming in at ₹17,035.16 crore. According to the statement, net profit decreased 17.7% sequentially.
About the stock market fall, what expert said?
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “the consensus expectations of a soft landing for the US economy have been the main driver of the rally in the global stock markets.” The decline in US job creation in July and the steep increase in the US unemployment rate to 4.3% have put this projection in jeopardy. An other contributing aspect is the geopolitical tensions in the Middle East. The unwinding of the Yen carry trade, which is causing the Japanese market to collapse, is another important element. The Nikkei’s more than 4% morning decline is a sign of the Japanese market’s crisis.
What’s going on with the world markets?
Japanese stock indexes saw significant losses in the Asian stock markets, falling 20% from their most recent all-time highs. After the Bank of Japan announced a rate hike and the Yen strengthened, the Nikkei 225 index fell more than 1600 points, or 4.85%, to 34,247.56. Concerns about the US are prompting foreign investors to liquidate Japanese stocks.
Following the US unemployment rate of 4.3%, which raised expectations of a recession, markets throughout the world are responding.
