Shruti Suman
New Delhi: Indian markets faced significant declines today, mirroring global trends, as both the Nifty and Sensex recorded substantial losses during the opening trade. Sensex dropped by 2,600 points to 78,385.49, while Nifty dropped by 463.50 points to 24,254.20.
The benchmark indices, Nifty 50 and S&P BSE Sensex, ended their longest weekly winning streak in over 14 years on Friday, primarily due to a decline in information technology stocks. This was triggered by weaker-than-expected economic data from the US, leading to a global market selloff.
The rupee also opened weakly, reaching an all-time low of 83.80 against the US dollar, as global market conditions kept the dollar strong.
Data released post-market hours on Friday revealed that US job growth slowed more than anticipated in July, raising fears of an economic slowdown and impacting global equities.
Furthermore, the upcoming US elections in November are likely to keep investors cautious.
Investors worldwide are also closely monitoring the evolving situation in the Middle East, where tensions have escalated following the assassination of Hamas leader Ismail Haniyeh in Tehran, allegedly by Israel.
Within the Sensex group, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti, and Reliance Industries were the top losers. Conversely, Sun Pharma and Hindustan Unilever were trading positively.
Khushi Sikarwar
NI Bureau
