The Dow Jones Industrial Average fell 831 points, its worst loss in eight months, which triggered the morning crash in BSE
New Delhi: The BSE Sensex crashed over 1,030 points, while Nifty opened over 2% lower in trade following a crash in the global market after US stocks plunged on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US' trade war with China.
The panic selling in the US spread to Asian stocks too with Hang Seng falling 1000 points, Nikkei down 4.20% and Taiwan T Sec 50 index losing 650 points in trade today.
The global crash hit market at home with the Sensex falling 1,000 points to 33,760 level in early trade.
Overnight, US markets saw their worst decline in 8 months with rising Treasury yields and trade-related worries weakening risk appetite for equity investors.
Besides, the Indian rupee touched a fresh record low of 74.46 per dollar. It opened lower by 10 paise at 74.30 per dollar versus previous close 74.20. Top Sensex losers — Axis Bank, Yes Bank, Vedanta, RIL, Tata Steel, SBI, and TCS. Sectorally, realty, auto, finance, metals, IT and banking indices fell over 3 percent each.
Rupee at 74.46
The domestic currency hit an all-time low of 74.46 against the US dollar on Thursday. It opened weak at 74.37 and slipped further to quote a lifetime low of 74.45, depreciating 24 paise against the US dollar in early trade.
On Wednesday, the rupee closed 18 paise higher against the dollar at 74.21 after snapping a six-session losing streak.
Experts feel strong demand for the US dollar from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market hurt the sentiment. Concerns of fears of rising fiscal deficit also weighed on the domestic currency,
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.