Indian stock markets opened sharply lower with the Sensex plunging over 1,500 points and Nifty falling significantly amid weak global cues and concerns around the Hormuz Strait. Asian and US markets also declined, impacting investor sentiment.
Sensex Drops 1,500 Points, Nifty Slumps
Mumbai: The Indian stock market witnessed a sharp decline on the first trading day of the week. The BSE Sensex fell nearly 1,450 points to trade around 73,080, while the Nifty 50 also fell over 400 points to reach 22,700. This decline is being attributed to weak global cues and growing investor concerns.
Asian markets also witnessed heavy selling. Japan's Nikkei 225 fell nearly 3.3%, while South Korea's Kospi fell 4.6%. Earlier, US markets also witnessed weakness, where the S&P 500 and Dow Jones Industrial Average closed lower on Friday.
Along with the stock market, the Indian currency also came under pressure. The rupee opened 12 paise lower against the US dollar on Monday at 93.83, its lowest level ever. Earlier on Friday, the rupee closed at 93.71. The rupee's weakness against the dollar could increase import costs and impact inflation.
A major reason for the market decline is growing international uncertainty, especially concerns surrounding the Strait of Hormuz. This region is considered crucial for global oil supplies, and any tension there could directly impact oil prices and the global economy.
Experts believe that market volatility may continue for the time being. Investors are advised to remain cautious and avoid hasty decisions. Global developments and foreign investor activity will determine market direction in the coming days.
