Breaking: Sensex Plummets 400 Points, Nifty at 25,100; SmallCap, Media, Pharma & Health Shine Amid Market Turmoil
Stock Market LIVE Updates: September 4, 2024
Indian equity benchmark indices BSE Sensex and Nifty 50 opened significantly lower on Wednesday reflecting a sharp sell-off in global markets. This downturn followed weak manufacturing data from the US, reigniting fears of a recession. As of 11:00 AM, the BSE Sensex had dropped 416 points, or 0.51%, to 82,138, while the Nifty 50 was down 155 points, or 0.61%, at 25,124.
Overnight, Wall Street faced significant losses as investor optimism about artificial intelligence waned. The Dow Jones Industrial Average plummeted 1.51% to 40,936.93, the S&P 500 dipped 2.12% to 5,528.93, and the Nasdaq Composite tumbled 3.26% to 17,136.30. This bearish trend set the tone for Asian markets, where MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.44% in early trade. US stock futures also extended their decline, with S&P 500 futures down 0.1% and Nasdaq futures easing 0.15%.
In Asia, Japan’s Nikkei 225 led the losses, sliding over 3%, while the Topix was down 2.74%. South Korea’s Kospi shed 2.61% at open, and the small-cap Kosdaq dropped 2.94%. Australia’s S&P/ASX 200 declined 1.46%, and Hong Kong’s Hang Seng index futures stood at 17,487, lower than its last close of 17,651.49.
Oil prices faced challenges near their lowest levels in months amid signs of a deal to resolve the dispute halting Libyan crude production and exports. Brent crude futures were last 0.05% lower at $73.71 a barrel, while US crude futures dipped 0.13% to $70.25 per barrel.
A slew of US economic data is expected this week, including job openings, jobless claims, and the closely watched nonfarm payrolls report due Friday. The outcome could influence whether the Federal Reserve opts for a regular or super-sized rate cut this month.
Safe-haven currencies like the dollar and yen saw gains on safety bids, with the yen last a touch higher at 145.36 per dollar. Spot gold also saw a minor rise, up 0.05% to $2,494.23 an ounce.
Original Story https://www.business-standard.com/markets/news/stock-market-live-updates-today-sensex-gift-nifty-nse-bse-gala-precision-engineering-ipo-124090400069_1.html
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