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 indexes crashed. The effect of the chaos in the global market has also been visible on the Indian stock market. Bombay Stock Exchange’s 30-share Sensex opened with a loss of 600 points, while Nifty slipped 180 points. Meanwhile, shares ranging 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 fall. Now the effect of the devastation in the global market is also visible on the market.
Sensex below 80000
Indications of the coming decline in the market were visible in the pre-market session on Thursday itself. In the pre-open, the Sensex slipped by 1002.94 points and opened at the level of 79,145.94, while the Nifty opened at the level of 24,165 with a fall of 248.50 points. Till 9.25 am at the time of writing the news, BSE Sensex was trading at 79,529.34 with a fall of 619.54 points. Whereas NSE Nifty was trading at the level of 24,230.95, falling 182.55 points.
It is noteworthy that the decline in the stock market has been continuing since Budget Day. On July 23, as soon as Finance Minister Nirmala Sitharaman announced the increase in capital gains tax, the market crashed.
Big fall in these 10 stocks
Among largecap companies, Axis Bank Share (5.59%), ICICI Bank Share (1.68%), Tata Steel Share (1.68%), Reliance Share 1% were trading with decline. Whereas among midcap companies, Jindal Steel Share was trading down by 2.93%, SAIL Share by 2.89%, Max Health Share by 2.66% and IGL Share by 2.50%. Among small cap companies, JKPaper Share was trading down by 6.86% and Cressan Share by 5%.
Big decline in global market
S&P and Nasdaq indexes have seen the biggest decline since the year 2022. Due to heavy selling on Thursday, S&P 500 saw a huge fall of 2.31 percent and Nasdaq saw a huge fall of 3.64 percent. If we talk about Dow Jones, it fell by 1.25 percent.
Tsunami in the shares of these big companies
The reason behind this uproar in the American market can be attributed to the decline in the shares of some big companies of the world, which have proved to be villains. Among these, the world’s richest person Elon Musk’s electric car company Tesla was at the forefront. Tesla’s shares fell sharply by 12.3 percent and came to the level of $ 215.99 per share.
The wealth of not only Elon Musk but also Jeff Bezos to Warren Buffet has decreased. Apart from Tesla, the big stocks which have seen a decline include NVIDIA and it has declined by 6.80 percent and reached $ 114.25. Apart from this, the shares of Meta Platforms fell by 5.61 percent to the level of $ 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, definitely take advice from your market experts.)