Sensex, Nifty crash, Rs 10 lakh crore wiped out. Key factors behind D-Street rout

 Benchmark indices, Sensex and Nifty, tumbled sharply for the second consecutive session today, mirroring global market fears of a potential recession in the US economy.

Investor wealth declined by Rs 10.24 lakh crore, with the market valuation dropping to Rs 446.92 lakh crore from the previous session’s Rs 457.16 lakh crore.

The S&P BSE Sensex was down 1672.88 points lower at 79,309.07 at 9:15 am, while the NSE Nifty50 414.85 points to trade at 24,302.85.

The market downturn was broad-based, with small and midcap stocks experiencing significant declines.

Volatility surged as global market uncertainty took its toll. All major sectoral indices suffered substantial losses in realty, IT, banking, and financial services stocks.
Factors behind today's stock market crash

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted US job data, which led to a global sell-off, was the key factor behind today's steep fall in Sensex and Nifty.

He explained that expectations of a soft landing for the US economy is now in jeopardy due to a decline in job creation in July and a sharp rise in the US unemployment rate to 4.3%.

Geopolitical tensions in the Middle East are also exacerbating market fears, Vijayakumar noted.

Another critical factor is the unwinding of the Yen carry trade, which has significantly impacted the Japanese market. The Nikkei index's crash by over 4% this morning signals a crisis in the Japanese market.

Vijayakumar also pointed out that valuations in India remain high, particularly in the mid and smallcap segments, driven mainly by sustained liquidity flows. Overvalued sectors such as Defence and Railways are expected to face pressure. He advised investors against rushing to buy during this correction and to wait for market stabilization.

Amid the ongoing sell-off, Sameet Chavan, Head of Research, Technical and Derivatives at Angel One, highlighted the importance of staying vigilant and monitoring global developments.

He advised observing these trends thoroughly over the weekend to be well-prepared to respond effectively.

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