Stock Market LIVE Updates: Sensex down 300 pts, Nifty at 25,200; VIX up, IT, Auto, Financials drag | News on Markets
Stock Market LIVE Updates, Wednesday, September 4, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 were trading in the red after opening significantly lower on Wednesday, following a sharp sell off in global markets after weak manufacturing data in the US brought back fears of a recession in the US economy.
At 2:00 PM, the BSE Sensex was down 275 points, or 0.33 per cent lower, at 82,279, while the Nifty 50 was at 25,177, down 101 points, or 0.4 per cent lower.
That apart, Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.
Stock benchmarks in Tokyo and Taipei led the slump in Asia, each falling more than 3 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan was last 1.8 per cent lower.
Wall Street closed sharply lower on Tuesday, with AI darling Nvidia tumbling a record $279 billion as investors reined in their enthusiasm about artificial intelligence.
The rout spilled into tech stocks in Asia on Wednesday.
US stock futures meanwhile extended declines. S&P 500 futures eased 0.55 per cent, while Nasdaq futures shed 0.74 per cent.
EUROSTOXX 50 futures slid more than 1 per cent and FTSE futures declined 0.75 per cent.
“(There) was plenty of blame to go around. Nvidia. Tech. Soft spots in US data. China gloom,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Bank.
Recent data from China pointed to an economy that’s still struggling to mount a solid recovery, raising calls for further stimulus from Beijing.
Concerns over the sluggish outlook in China – the world’s biggest oil importer- and worries over a global slowdown have in turn further exacerbated the decline in oil prices due to expectations of weakening demand.
Brent crude futures bottomed at $73.14 a barrel on Wednesday while US crude hit a trough of $69.72, both their lowest levels since December. They had fallen nearly 5 per cent in the previous session.
Elsewhere, stocks in Hong Kong fell in line with their regional peers with the Hang Seng Index down 1.2 per cent.
China’s CSI300 blue-chip index lost 0.4 per cent, while Japan’s Nikkei last traded 3.86 per cent lower.
Meanwhile, a slew of US economic data is due this week, including figures on job openings, jobless claims and the closely watched nonfarm payrolls report out on Friday.
In commodities, spot gold rose 0.11 per cent to $2,495.66 an ounce.
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