The benchmarks Sensex, Nifty are staring at a gap-down start on Thursday, tracking massive sell off in global peers.
Indian benchmark indices opened on a negative note Thursday, with BSE Sensex slipping 600 points to 79,542 points, while the Nifty50 index fell by 183 odd points to 24,230.
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On BSE Sensex Axis Bank led the losses, down 5 per cent, followed by Tata Steel and Power Grid and ICICI BANK among others, while L&T, Tata Motors, Nestle India and were the only gainers.
In line with the benchmarks, the broader markets also showed weakness, with the MidCap index dropping by 0.67 per cent and the SmallCap index declining by 0.16 per cent.
Global Cues
Markets in Asia-Pacific saw a major sell-off on Thursday, following heavy losses on Wall Street, where the S&P 500 and Nasdaq Composite recorded their steepest decline since 2022.
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The broad market index S&P 500 fell by 2.31 per cent, while the tech-heavy Nasdaq bleeded 3.64 per cent. The Dow Jones Industrial Average also retreated, losing 1.25 per cent.
The sell-off on Wall Street was led by offloading of tech shares, with Nvidia and Meta Platforms seeing declines of 6.8 per cent and 5.6 per cent, respectively. Shares of Alphabet, Google’s parent company, fell by 5 per cent.
Meanwhile, Tesla shares also saw a major decline of 12.3 per cent, driven by weaker-than-expected earnings.
In Asia, apart from a major sell-off on Wall Street, investors are also assessing South Korea’s GDP numbers, which grew by 2.3 per cent than the expectation of 2.5 per cent by economists.
Japan’s Nikkei 225 fell by 2.72 per cent and the broader based Topix index slipped by 2.39 per cent.
South Korea’s Kospi index was down by 1.77 per cent, while the Kosdaq, which focuses on small-cap stocks, edged down by 2.41 per cent.
Australia’s S&P/ASX 200 was down 0.94 per cent. Hong Kong’s Hang Seng index, too, traded in red and slumped by 0.39 per cent.
