The financial markets in India and elsewhere on Monday were rattled by developments in the US and Japan, two of the world's leading economies with significant ties to the global financial system.
Concerns about a potential recession in the US, driven by disappointing jobs data, and the unwinding of yen carry trades, prompted by an interest rate hike in Japan, triggered sharp reactions by investors across equities, bonds, and currencies.
The Sensex fell as much as 2,686 points, or 3.3 per cent, before ending the session at 78,759 down 2,223 points, or 2.7 per cent than Friday's close. Similarly, the Nifty 50 dropped 670 points, or 2.7 per cent, to close at 24,048. For both indices, this was the sharpest single-day decline since the Lok Sabha election results day on June 4.
This story is from the August 06, 2024 edition of Business Standard.
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This story is from the August 06, 2024 edition of Business Standard.
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