S&P tumbles 6% as global sell-off jolts Indian markets
The week has started on a dismal note for global markets, with the S&P 500 plunging 6% to record its worst day since March 2020. The sell-off has triggered a global rout, with Indian indices following suit. The Sensex has fallen over 2,200 points, as recession fears spread fast and IT and pharma stocks take a hit.
The Nasdaq, which has already entered bear territory, is expected to continue its volatility, pulling investors into a state of uncertainty. The global sell-off has been fueled by concerns over the Federal Reserve’s interest rate hikes, inflation, and the ongoing war in Ukraine.
The S&P 500, a widely followed index of US stocks, has been under pressure in recent weeks due to concerns over the Federal Reserve’s plans to tighten monetary policy. The index has fallen 12% from its January peak, with tech and growth stocks leading the decline.
The sell-off has spread to other markets, with the Indian indices following suit. The Sensex has fallen over 2,200 points, with IT and pharma stocks taking a significant hit. The Nifty 50, a widely followed index of Indian stocks, has also fallen over 600 points.
The fall in Indian markets has been attributed to the global sell-off, as well as concerns over the country’s economic growth. The Indian economy has been facing headwinds due to the pandemic, and the recent lockdowns in several states have added to the uncertainty.
The IT and pharma sectors, which are major contributors to India’s GDP, have been hit hard by the sell-off. The fall in these sectors has been attributed to concerns over the global economic slowdown and the impact of the war in Ukraine on trade.
The Indian rupee has also fallen sharply against the US dollar, with the currency trading at over 77 against the dollar. The fall in the rupee has added to the uncertainty in the markets, as investors become more cautious.
The global sell-off has also led to a decline in the prices of commodities, including oil and gold. The prices of these commodities have fallen sharply, with oil prices falling over 5% and gold prices falling over 2%.
The decline in commodity prices has added to the uncertainty in the markets, as investors become more cautious. The prices of these commodities have a significant impact on the global economy, and a decline in their prices can have a major impact on economic growth.
In conclusion, the S&P 500’s 6% plunge has triggered a global sell-off, with Indian indices following suit. Recession fears are spreading fast, and investors are bracing for continued volatility across markets worldwide. The IT and pharma sectors have been hit hard, and the Indian rupee has fallen sharply against the US dollar. The prices of commodities, including oil and gold, have also fallen sharply, adding to the uncertainty in the markets.
Source: https://www.thecore.in/podcasts/us-stocks-whacked-for-the-third-day-833088
