Mumbai: The Indian stock market faced a severe downturn today, largely influenced by growing fears of an economic slowdown in the United States. The Sensex plummeted by over 1,500 points, marking one of its steepest declines in recent years.
During early trading, the Sensex dropped to 79,000 points, while the Nifty 50 fell by 489.6 points to 24,228.05. The ripple effect of the US economic concerns has not only impacted Indian markets but has also caused negative trading trends across Asian stock markets and Japan.
The Japanese market saw a dramatic fall of approximately 20%, with the Nikkei 225 Index dropping by 1,600 points to 34,247.56. The global financial turmoil has also led to a significant devaluation of the Indian Rupee, which has reached an all-time low of ₹83.80 against the US Dollar.
Experts attribute the rupee’s depreciation to increased demand for the dollar in the global market, alongside substantial declines in Indian equity markets. The combined impact has led to a staggering loss of approximately ₹9.51 lakh crore for investors.
The Sensex recorded a loss of 2,401.49 points, falling to 78,580.46. As a result, BSE-listed companies experienced a drop in market capitalization to ₹4,47,65,174.76 crore (USD 5.35 trillion). This marks the sixth significant decline in the Indian market since March 12, 2020, according to financial analysts.
