Nifty is down 0.75% and Sensex is down 570 points amid a meltdown in global markets.
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Summary: The 30-share Sensex on the BSE dropped by over 570 points, while the Nifty 50 on the National Stock Exchange was trading 175.40, or 0.7% lower, at 25,104.45.
A major global sell-off in US markets, where big technology firms drove stocks to month-lows, led to Wednesday's deep red opening of domestic stock markets. Asian markets were engulfed negatively as South Korea's KOSPI and Japan's Nikkei recorded significant losses.
The BSE's 30-share Sensex fell more than 570 points, or 0.7 percent, at 81,999.44, while the National Stock Exchange's Nifty 50 was trading 175.40, or 0.7 percent lower, at 25,104.45, ending its longest winning streak since creation.
With Information and Technology (IT) and Nifty Metal losing more than 1% each to emerge as the top sectoral losers, all 13 key sectoral indices saw trading in the red at the beginning of the market.
Since the US manufacturing data remained weak, concerns about a possible downturn in the largest global economy could have an impact on the Federal Reserve's decision to lower interest rates.
This week, a lot of US economic statistics are scheduled to be released, including figures on job openings, unemployment claims, and the much anticipated nonfarm payrolls report on Friday.
Only four stocks—Asian Paints, Bajaj Financial Services, Hindustan Unilever, and Bajaj Finance—of the 30 equities in the BSE Sensex were seeing slight price increases. Mahindra & Mahindra, JSW Steel, and Infosys, on the other hand, had declines of 1.31 percent, 1.43 percent, and 1.74 percent, respectively.
On September 4, other significant stocks that were trading in the red were State Bank of India, Tech Mahindra, Axis Bank, and Larsen & Toubro.
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