Share Market: Impact of Asian market decline, Sensex and Nifty crash upon opening
Share Market: Due to weak global cues, the stock market opened on a down note today, Friday, November 7. The BSE Sensex opened with a decline of 500 points at 82,837.07, while the NSE Nifty is trading at 25372, down 137 points. On the last trading day of the week, investors appeared cautious due to weakness in global markets and selling in tech stocks. Top Sensex gainers were Sun Pharma, Trent, ICICI Bank, Eternal, ITC, and Power Grid, while all others were in the red.
The Sensex fell 500 points, while the Nifty also opened in the red.
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Impact of Asian market decline
The Indian stock market opened weak today, following heavy selling in tech and AI stocks in global markets since pre-opening. Asian markets are also weak, while Thursday's decline in US stocks dampened investor sentiment. The impact of Wall Street's decline was clearly visible in Asian markets on Friday. Japan's Nikkei 225 index fell 1.56%, the Topix index 0.5%, South Korea's Kospi 0.46%, and the Kosdaq 0.92%. Hong Kong's Hang Seng index futures also indicated a weak opening.
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The Nifty was trading at 25,498 in the morning, down about 129 points from its previous close. This indicates a gap-down opening for the Indian market. Thursday marked the second consecutive day of the Indian market closing in the red. The Sensex fell 148 points to close at 83,311, while the Nifty slipped 87.95 points to close at 25,509.
Sensex and Nifty crash upon opening
The US stock market closed with significant losses on Thursday. The Dow Jones Industrial Average fell 397 points (0.84%) to close at 46,913, the S&P 500 fell 75 points (1.12%) to close at 6,720, and the Nasdaq fell 445 points (1.90%) to close at 23,054.
Tech stocks fell sharply
NVIDIA fell 3.65%
AMD fell 7.27%
Amazon fell 2.86%
Microsoft fell 1.98%
Tesla fell 3.54%
DoorDash shares fell 17.5%
ELF Beauty shares fell 35%.
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