Both Sensex 30 and Nifty 50 dived as trading began on Wednesday, September 4, 2024. While Sensex 30 was trading at 82,102.51, down by 452.93 points (0.55%), the Nifty 50 was trading at 25,131.15 levels or down by 148.70 points (or 0.59%) around 10 am.
The immediate trigger seems to be the cues from the global markets all of which were down when trading began. All the indices were awash in red in the US, Europe and Asia.
The red in the US stock market
For example, when trading closed in the US on September 3, the Dow Jones was 141.68 points (0.35%) down, S&P 500 was down 119.47 points (2.12%) and Nasdaq was down 577.33 points (3.26%). The sharpest decline in Nasdaq could be partially attributed to the near-10% drop in the prices of Nvidia shares after investors suddenly turned cautious about AI technology in the climate of a broader selloff following weak economic data.
Nvidia and Intel hurt most
The market capitalisation of the US-based chipmaker eroded a historic $279 billion in a single trading session. Last week, the company’s forecast failed to live up to investor expectations in the US. Shares of Intel, too, dropped an alarming 9%.
European & Asian indices
Declines also took place in major European markets with the FTSE going down by 65.38 points (0.79%). CAC of France eroded by 71.32 points or 0.94%, while DAX from Germany decreased by 183.74 points (0.98%).
On the morning of September 4, the cues from the Asian markets were negative too. The Nikkei was down by a whopping 3.73% or 1,442.81 points. Hang Seng of Hong Kong was down 1.08% or 189.24 points while the Straits Times from Singapore was down by 1.47% or 51.05 points. The Taiwan weighted index was down by 3.91% or 862 points.
Sensex, Nifty down today: The nervousness that began in the US on September in the stock markets against a backdrop of wider economic concerns seemed to affect sentiments. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
