Today, Monday, can prove to be a bad day for the domestic stock market. The rally that was going on for about two months has come to a halt last week and now the market is under pressure for a big decline. The situation is indicating that the global sell-off that started at the end of last week may continue this week as well.
The market fell so much in future trade
At 7 am, the Nifty futures in BIFT City were trading below 24,370 points with a massive loss of about 350 points (1.42%). This is a clear indication that both the major indices, BSE Sensex and NSE Nifty, may face a big fall when the market opens for trading at 9.15 am today.
There was such a decline on Friday
Earlier on Friday, the domestic stock market had also witnessed a huge decline. The BSE Sensex had closed at 80,981.95 points, down 885.59 points or 1.08 per cent. On the other hand, the Nifty had fallen 293.20 points (1.17 per cent) to 24,717.70 points.
Japan’s market fell 6 percent
The situation in the global market is also not looking good. In the morning, the Japanese Nikkei 225 index was down by more than 2 thousand points in the major Asian markets. Nikkei was down by about 2,100 points or 5.85 percent. Other Asian markets are also seen in heavy losses. Hong Kong’s Hang Seng has fallen by about one and a half percent in future trading before opening. Markets from Korea to China, Philippines and Malaysia are seeing a decline of up to 3 percent.
Wall Street was bleeding
The US market was scattered in futures trading. The future of the Dow Jones Industrial Average was down by more than 375 points (about 1 percent) at 7 am. Earlier on Friday, the major US indices on Wall Street had registered a massive decline of about two and a half percent. The Dow Jones Industrial Average fell by 610.71 points or 1.51 percent. At the same time, the S&P500 fell by 1.84 percent and the tech stock focused index Nasdaq Composite fell by 2.43 percent.
Selling also dominated Europe
European markets were also hit by a global sell-off over the weekend. On Friday, the FTSE 100 index closed down by 108.65 points (1.31%). Similarly, the CAC 40 index fell by 118.65 points (1.61%) and the DAX fell the most by 2.33%.
Also read: Foreign investors turned around as soon as August came, due to this reason they started selling shares in the Indian market
