Investors lose Rs 3 lakh crore as Sensex tumbles 550 pts amid weak global cues

-, Sep 04, 2024, India Blooms News Service24

Mumbai/IBNS: Following a fall in global markets amid resurfacing slowdown fears, Indian benchmark indices Sensex and Nifty traded lower in the early hours of Wednesday (Sept 4) amid renewed concerns over a US economic slowdown and caution ahead of key data that could influence the Federal Reserves interest rate decision, while selling pressure was evident across all sectors, reports said.

According to reports, in the early trade on Wednesday, the BSE Sensex fell 576 points (0.07 percent) to 81,984, while another equity index Nifty50 dropped 193 points (0.76 percent) to 25,087.

Meanwhile, the market capitalisation of all listed companies on the BSE fell by Rs 3.1 lakh crore to Rs 462.4 lakh crore in early trade.

Among the Sensex constituents, IT, Financial, and Metal stocks saw the steepest declines, and companies like Infosys, ICICI Bank, LT, TCS, Bharti Airtel, and SBI were the main contributors to the indexs fall.

JSW Steel and Tata Steel emerged as the top losers, each dropping around 1.5 percent, as per reports.

Market experts said concerns over a potential US economic slowdown, sharp decline in global markets -- particularly in technology stocks, investors focus on the Federal Reserves upcoming meeting on Sept 17-18, and the struggling Chinese economy were the key factors behind Wednesdays bloodbath in Dalal Street.