Tata Motors and Maruti were the major losers and were down up to 4 per cent each while Tata Steel shed 3 per cent.
Indian stock market tracked steep losses in global peers as fears of a possible slowdown in the US resurfaced. The BSE Sensex opened today (August 2) falling 709 points at 81,159. NSE, which topped the 25,000-mark for the first-ever time, cracked more than 1 per cent to a low of 24,751. In the broader market, the BSE MidCap index plunged 1.6 per cent to 47,500 and SmallCap shed 1.4 per cent at 54,175.
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
Which stocks are gaining and losing today?
Among Sensex 30 stocks, Tata Motors and Maruti were the major losers and were down up to 4 per cent each while Tata Steel shed 3 per cent. Larsen & Toubro, Tech Mahindra, Adani Ports, NTPC, JSW Steel, ICICI Bank, UltraTech Cement and SBI were the other major laggards.
What happened in the US markets?
The US market plunged sharply following tepid economic data as US weekly jobless claims rose and manufacturing growth contracted more-than-expected fueling concerns regarding recession in the country. Initial jobless claims rose the most since August 2023 to 249,000 for the week ended July 27.
The ISM manufacturing index, barometer of factory activity in the US, also came worse-than-expected at 46.8 per cent. The manufacturing growth was forecast to be 48.2 per cent. Earlier, the US Fed left key rates unchanged in the July meeting and hinted of a possible rate cut in September.
Owing to this, the Dow Jones Industrial Average dropped 1.2 per cent on the Wall Street while S&P 500 shed 1.4 per cent and the tech heavy Nasdaq Composite slipped 2.3 per cent.
News/Business/ US to go into recession? Indian stocks market falls after Wall Street sell-off
