Mumbai: sensex is falling, Fears of a global economic slowdown due to the US’s reciprocal tax imposition shook the Indian stock markets yesterday.
Economic slowdown fears cause Sensex to fall
During yesterday’s trading, the market indices Sensex and Nifty fell by 1,000 points and 350 points, causing investors to lose nearly Rs 10 lakh crore.
The impact of the US tax measures affected many markets worldwide, including Japan and South Korea. The market value of companies listed on the US market lost Rs 215 lakh crore.
Following this, shares of IT, pharmaceutical and metal sector companies in the Indian market saw a decline yesterday.
The shares of Tata Steel, Hindalco, Cipla, ONGC and Tata Motors fell by up to 7 percent. Coborj and Persistent Systems, which are included in the Nifty IT index, suffered the most losses.
Declining profits in companies due to the fall in crude oil prices and continued outflow of foreign investments have increased investor concerns.
Along with this, shares of Indian pharmaceutical companies including Aurobindo Pharma, Laurus Labs and Lupin fell up to 8 percent after Trump announced that drugs imported into the United States would soon be subject to separate tariffs.
At the end of trading, market indices Sensex and Nifty closed down 930 points and 345 points, respectively.
Foreign Investment, Foreign investors sold shares worth Rs 3,484 crore yesterday.
Crude Oil, Global crude oil prices fell by 3.26 percent to $67.85 per barrel yesterday.
Rupee Value, The Indian rupee appreciated by 14 paise to $85.44 against the US dollar.
About The Author
