The stock market opened in the red for the third consecutive day. As soon as the market opened in the morning, both the Sensex and Nifty indices crashed. The effect of the chaos in the global market has also been seen on the Indian stock market. The Bombay Stock Exchange’s 30-share Sensex opened with a fall of 600 points, while the Nifty slipped 180 points. Meanwhile, stocks from Axis Bank to Tata Steel fell the most. Let us tell you that with the presentation of the country’s general budget (Union Budget 2024), the stock market continues to decline. On top of that, the effect of the havoc in the global market is also visible on the market.
sensex below 80000
On Thursday, there were indications of a fall in the market in the pre-market session itself. In the pre-open, the Sensex slipped 1002.94 points and opened at 79,145.94, while the Nifty opened at 24,165 with a fall of 248.50 points. At 9.25 am, when the news was written, the BSE Sensex was trading at 79,529.34 with a fall of 619.54 points. At the same time, the NSE Nifty was trading at 24,230.95, down 182.55 points.
It is worth noting that the decline in the stock market has been continuing since Budget Day. On July 23, as soon as Finance Minister Nirmala Sitharaman announced an increase in capital gains tax, the market crashed.
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Big fall in these 10 stocks
Among large cap companies, Axis Bank Share (5.59%), ICICI Bank Share (1.68%), Tata Steel Share (1.68%), Reliance Share were trading with a decline of 1%. On the other hand, among midcap companies, Jindal Steel Share was trading with a decline of 2.93%, SAIL Share was trading with a decline of 2.89%, Max Health Share was trading with a decline of 2.66% and IGL Share was trading with a decline of 2.50%. Among small cap companies, JK Paper Share was trading with a decline of 6.86% and Cressan Share was trading with a decline of 5%.
Big drop in global market
The S&P and Nasdaq indexes have seen the biggest decline since 2022. Due to heavy selling on Thursday, the S&P 500 has seen a massive decline of 2.31 percent, while the Nasdaq has seen a massive decline of 3.64 percent. If we talk about the Dow Jones, it fell by 1.25 percent.
Tsunami in the shares of these big companies
The reason behind this chaos in the American market can be attributed to the fall in the shares of some of the world’s biggest companies, which have proved to be the villains. At the forefront of this was the electric car company Tesla of the world’s richest person Elon Musk. Tesla’s stock fell by a whopping 12.3 percent and it came down to the level of $215.99 per share.
Not only Elon Musk but the wealth of Jeff Bezos and Boren Waffen has also decreased. Apart from Tesla, the big stocks that have seen a decline include NVIDIA, which has fallen by 6.80 percent and reached $114.25. Apart from this, the share of Meta Platforms fell by 5.61 percent to $461.27. Not only this, the shares of Alphabet Inc., the parent company of the world’s largest search engine Google, slipped 5 percent to $174.37.
(Note- Before making any kind of investment in the stock market, please take advice from your market experts.)