Sensex, Nifty crash in-line with selling pressure in global stock markets

Indian markets experienced one of the worst falls on Monday with both the indices Nifty and Sensex registering high losses during the opening trade Indian markets followed the global stock markets bloodbathThe 30share BSE Sensex tanked 240149 points to 7858046 in early trade The NSE Nifty tumbled 48965 points to 2422805 reported PTIIn the broad market indices all indices including Nifty Next 50 Nifty 100 Nifty Midcap and Nifty Small cap declined around 2 per cent during the opening sessionFrom the Sensex pack Tata Motors Tata Steel JSW Steel Adani Ports Maruti and Reliance Industries were the biggest laggardsSun Pharma and Hindustan Unilever were trading in the positive territoryIn Asian markets Seoul Tokyo and Hong Kong were trading sharply lower while Shanghai quoted higherThe US markets ended significantly lower on FridayThe 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 the US unemployment rate to 43 per cent Geopolitical tensions in the Middle East also are a contributing factor said V K Vijayakumar Chief Investment Strategist Geojit Financial Services reported PTIForeign Institutional Investors FIIs offloaded equities worth Rs 3310 crore on Friday according to exchange data reported PTIAnxiety remains high especially after Fridays unexpectedly weak US July jobs report suggesting that volatility will be the hallmark of the day Prashanth Tapse Senior VP Research Mehta Equities Ltd said reported PTIGlobal oil benchmark Brent crude climbed 035 per cent to USD 7708 a barrelAmid widespread selling pressure the BSE benchmark plunged 88560 points or 108 per cent to close at 8098195 on Friday The broader Nifty of NSE dropped 29320 points or 117 per cent to end at 2471770 reported PTIIn the Asian stock markets the Japanese markets are down 20 per cent from their recent alltime highs The Nikkei 225 index declined more than 1600 points or 485 per cent to 3424756The markets of Japan faced pressure after the Bank of Japan announced a welltelegraphed rate hike which led to an unwinding of Yen Carry trades as the Yen appreciatedIn Taiwan markets the Taiwan Weighted Index also declined by more than 6 per cent and Singapores market also declined with the Straits Times index declining around 3 per centThe stock markets globally are facing selling pressure after the US economic data has shown weakness with questions being raised on the Feds soft landing of the US economy narrativeWith inputs from PTI