Why Did Sensex and Nifty Fall Today?
Indian Stock Markets Crash Amid Global Peer Sell-off and Budget Uncertainty
Indian stock markets plunged in the early hours of Monday following a global sell-off triggered by weak US jobs data and rising concerns about the impact of the recently announced budget. The Sensex closed down 2223 points, or 2.74%, at 78,759.40, while the Nifty 50 index fell 662 points, or 2.68%, to 23,987.65. This decline defied the positive global trade setup, as the SP500 had hit a record high overnight.
Analysts attributed the fall to a combination of factors, including weak US jobs data, which raised concerns about the health of the global economy, and growing uncertainty among investors about the impact of the recently announced budget. The budget, presented by Finance Minister Nirmala Sitharaman on February 1, included several measures that were seen as unfavorable to the corporate sector, leading to a sell-off in banking, auto, and IT stocks.
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