Indian, Asian Markets Plummet as Wall Street Woes Persist
Indian and Asian stock markets witnessed a downturn on Thursday, mirroring the pessimistic trend from Wall Street. The Nifty index and Sensex both declined, while crude oil prices remained low, further dampening investor spirits.
The Nifty index plummeted by 35.65 points to 17,087.95, reflecting a broader sell-off in Indian equity markets. This decline came after a sharp rally in the previous session, reversing the earlier gains. The Sensex index also followed suit, dropping 179.48 points to 57,446.43 in early trade.
Across the Asia-Pacific region, the largest share index tracked by MSCI fell by 0.54%, hovering near its lowest level since 2020. Oriental stock markets mirrored this trend, with bond yields remaining low due to global economic uncertainties. The uncertain climate has made investors cautious, with the S&P 500 index experiencing its sixth consecutive loss and reaching its lowest point since November 2020.
Crude oil prices continued to weigh on markets, failing to recover from a 2% drop in the previous session. This further fueled concerns about oil demand, adding to the overall gloom. Meanwhile, retail inflation in India rose to a five-month high of 7.41% in August, putting pressure on the Reserve Bank of India to raise interest rates.
Markets await the US consumer price data to gauge if the Federal Reserve will implement another large interest rate hike. The uncertain economic outlook and hawkish stance of central banks have left investors on edge, contributing to the ongoing market volatility.
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