Aug 05, 2024 09:35 AM IST

Stock market crash today: The Indian indices opened lower today with Nifty below 24,350 and Sensex down almost 1,400 points amid weak global cues. The Sensex was down 1.62 percent at 79,671.48 and the Nifty was down 404.40 points or 1.64 percent at 24,313.30. About 442 shares advanced, 2368 shares declined, and 154 shares unchanged. Among the major gainers on the Nifty are Apollo Hospital and Sun Pharma while top losers were Maruti Suzuki, Tata Motors, Hindalco, Titan Company and Tata Steel.

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Titan shares fall over 4%

Titan’s shares fell 4.1% after the jeweller and watchmaker missed first-quarter profit estimates as higher gold prices hindered demand in its mainstay jewellery segment. Titan was the top loser on the Nifty 50 index after the Tata group-owned company reported a 5% fall in consolidated profit to 7.15 billion rupees.

SBI shares down 2% post Q1 earnings

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India’s largest lender, State Bank of India (SBI) reported around a 1 per cent rise in its net profit to ₹17,035.16 crore in the first quarter of the current financial year. On a sequential basis, net profit fell 17.7 percent, it said.

What expert said on stock market crash?

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V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in US unemployment rate to 4.3%. Geopolitical tensions in the Middle East also are a contributing factor. Another significant factor is the unwinding of the Yen carry trade which is bleeding the Japanese market. The crash in Nikkei by above 4% this morning is an indicator of the crisis in the Japanese market.”

What’s happening in global markets?

In the Asian stock markets, Japanese indices registered high losses and were down 20 per cent from their recent all-time highs. The Nikkei 225 index declined more than 1600 points or 4.85 per cent to 34,247.56 after the Bank of Japan announced a rate hike while the Yen appreciated. Foreign investors are selling Japanese stocks due to concerns that the US.

Globally markets are reacting after US unemployment reached 4.3 per cent predicting a recession in the country.