US elections in November are likely to keep investors on edge
Indian markets experienced one of the worst falls today following the global bloodbath, with both the Nifty and Sensex registering high losses during the opening trade.
The Sensex tanked over 2,400 points during the afternoon trade, while Nifty tumbled 824 points.
The benchmark indexes Nifty 50 and S&P BSE Sensex snapped their longest weekly winning streak in over 14 years on Friday, dragged by information technology stocks, after weaker-than-expected US economic data triggered a global selloff.
Rupee also opened on a muted note and fell to an all-time low of 83.80 against the US dollar, as the risk off situation in world markets kept the dollar well bid.
Data released post market hours on Friday showed that US jobs growth slowed more than expected in July, sparking fears of economic slowdown and weighing on global equities.
Additionally, the upcoming US elections in November are likely to keep investors on edge.
Investors across the globe are also observing the evolving situation in the Middle East. Tensions are escalating in the Middle East following the assassination of Hamas leader Ismail Haniyeh in Tehran allegedly by Israel.
From the Sensex pack, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti and Reliance Industries were the biggest laggards.
Sun Pharma and Hindustan Unilever were trading in the positive territory.