Market Closing: The Indian equity market has closed its 14-day upward streek and closed negative today. Indian stock markets were in the red on Wednesday, as both the BSE Sensex and Nifty 50 experienced declines due to a sharp global sell-off. This dip followed weak manufacturing data from the US, which reignited concerns about a potential recession in the US economy.
By 3:32 PM, the BSE Sensex had dropped 202.8 points, or 0.25 per cent, to 82,352, while the Nifty 50 was down 81.12 points, or 0.32 per cent, to 25,177.
The downturn wasn't limited to India. Across Asia, stock markets were also tumbling, with tech stocks leading the losses. Tokyo and Taipei saw their benchmarks fall more than 3 per cent, and MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.8 per cent.
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The sell-off followed a steep decline on Wall Street, where shares of Nvidia, a leading AI company, saw a record drop of $279 billion. This tech stock slump continued in Asian markets on Wednesday.
Meanwhile, US stock futures extended their losses, with S&P 500 futures down 0.55 per cent and Nasdaq futures shedding 0.74 per cent. European markets also felt the pressure, as EUROSTOXX 50 futures slid over 1 per cent and FTSE futures declined by 0.75 per cent.
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