Sensex crashes 800 points; Nifty 50 nears 24,500: Why is Indian stock market falling? EXPLAINED
Indian stock market witnessed a sharp selloff in the morning session on Monday, June 2, with the Sensex crashing almost 800 points and the Nifty 50 nearing 24,500 on the downside.
The Sensex opened at 81,214.42 against its previous close of 81,451.01 and dropped 797 points, or nearly 1 per cent, to an intraday low of 80,654.26. The Nifty 50 started its day at 24,669.70 against its previous close of 24,750.70 and dropped 0.91 per cent to an intraday low of 24,526.15.
However, the BSE Midcap and Smallcap indices exhibited resilience, rising about 0.30 per cent each, in the morning session.
US President Donald Trump on Friday threatened to double tariffs on imported steel and aluminium to 50 per cent from June 4. The fresh tariff jolt shook up markets globally. Major Asian markets, including Japan's Nikkei and Hong Kong's Hang Seng, dropped 1-2 per cent.
Meanwhile, simmering trade tensions between the US and China also weighed on sentiment. Bloomberg reported that "China has accused the US of violating their recent trade deal and vowed to take measures to defend its interests."
(This is a developing story. Please check back for fresh updates.)
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