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    Home»Money

    Sensex Plummets 593 Points as Global Weakness Hits IT Stocks; Nifty Slips Below 25,100

    September 4, 2024 Money
    Sensex Plummets 593 Points as Global Weakness Hits IT Stocks; Nifty Slips Below 25,100
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    Indian equity markets experienced a significant downturn on September 4, 2024, as the S&P BSE Sensex tumbled by 593 points, or 0.72%, to close at 81,962.85. Simultaneously, the NSE Nifty dropped 192 points to settle at 25,087.95. The decline was largely attributed to weak global cues, particularly from the United States, where disappointing economic data and a sharp sell-off in technology stocks weighed heavily on investor sentiment.

    Global Cues Weigh on Indian Markets

    The negative sentiment across global markets stemmed from recent economic data out of the United States, which painted a bleak picture of the country’s economic health. Investors were further rattled by a significant drop in U.S. tech stocks, with Nvidia, a major player in the sector, plunging by 9.5%. This decline set the tone for global markets, leading to widespread sell-offs, especially in tech-heavy indices.

    IT Sector Under Pressure

    In India, the technology sector bore the brunt of the selling pressure. Major IT firms such as Infosys, Tata Consultancy Services (TCS), and Wipro saw their stock prices decline sharply, mirroring the global weakness in the tech sector. Infosys, one of the country’s largest IT companies, saw its shares drop by over 2%, contributing significantly to the overall market decline.

    Oil-Linked Stocks Provide Some Respite

    Despite the overall market weakness, oil-linked stocks provided some relief. Companies in this sector benefitted from a decline in crude oil prices, which dropped on concerns about demand in the face of weakening global economic conditions. This decline in oil prices helped buoy the shares of oil marketing companies (OMCs), which managed to post modest gains in an otherwise bearish market.

    Market Outlook

    Analysts remain cautious about the near-term outlook for Indian equities, given the prevailing global uncertainties. The ongoing weakness in the U.S. economy, combined with concerns over rising interest rates and their impact on corporate earnings, is expected to keep markets volatile. Additionally, the performance of the IT sector, a significant component of Indian indices, will be closely watched as global tech stocks continue to face headwinds.

    Conclusion

    The sharp decline in Indian equity markets on September 4 highlights the vulnerability of domestic indices to global economic developments. With global cues continuing to exert pressure, particularly on the tech sector, investors may need to brace for further volatility in the coming sessions. As always, market participants are advised to remain vigilant and consider diversifying their portfolios to manage risk effectively.

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