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businesspress > Blog > Finance > Stock Market Meltdown: Sensex and Nifty 50 Each Fall More than 1%; five Major Reasons why the Market is Currently Collapsing
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Stock Market Meltdown: Sensex and Nifty 50 Each Fall More than 1%; five Major Reasons why the Market is Currently Collapsing

BusinessPress
Last updated: October 3, 2024 7:15 am
BusinessPress
Published October 3, 2024
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The Indian stock market collapsed on Thursday, with the major indices, the Sensex and Nifty 50, opening more than 1% lower due to weak global signals and growing worries of a full-fledged conflict between Iran and Israel over geopolitical tensions in the Middle East.

The Nifty 50 opened 344.05 points, or 1.33%, lower at 25,452.85, while the Sensex fell 1,264.20 points, or 1.50%, to open at 83,002.09. In four sessions, the Nifty 50 has down 3%.

With the exception of Nifty Metal, all sectoral indices were trading at significant losses. Nifty FMCG, Nifty Realty, Nifty Private Bank, and Nifty Auto had the most declines. Lower trading was also seen in the Nifty Midcap 100 and Nifty Smallcap 100 indexes. Due to today’s stock market meltdown, the market value of all BSE-listed companies has decreased by over ₹5.5 lakh crore, to approximately ₹469 lakh crore.

The new guidelines for trading derivatives by the Securities and Exchange Board of India (SEBI) and mixed cues from Asian and US stock markets during the course of the night also affected market mood. The main driver of the 1% down in MSCI’s broadest index of Asia-Pacific shares outside of Japan was the 1.6% decline in Hong Kong’s Hang Seng index.

Also Read:

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Factors to Watch Next Week: FIIs, Rate Cut, and Economic Data

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