From US to Indian stock market, there is chaos. The biggest reason for this is that concerns about AI have now reached the global level. There is a huge decline in the market due to AI, especially for IT companies. The Indian stock market also fell sharply as soon as it opened on Friday.
The Sensex was trading 772.19 points or 0.92% lower at 82,902.73. Nifty was trading at 25,606.90, down 0.78% or 200.30 points. The biggest decline is being seen in IT stocks. Shares of TCS, Infosys, HCL Tech and Mahindra Tech have fallen by about 6%.
Out of the top 30 stocks of BSE, 24 are trading down. The remaining six stocks are trading with slightly higher gains. Infosys has fallen by about 6% and TCS by more than 5%. HCL Tech fell 4.14% and Tech Mahindra fell nearly 3%.
Of the 3,337 stocks on BSE, 847 are trading up and 2,327 down. There is no change in 163 stocks. 41 stocks are at 52-week high and 106 are at 52-week low. 55 stocks are in the lower circuit and 79 are in the upper circuit.
Loss of Rs 90 lakh crore in US market
There has been a decline in US for the third consecutive day. A decline is also being seen in Asian markets. Investors fear that new AI tools could seriously damage many traditional business models and reduce companies’ profits. The biggest impact of AI is being seen in stocks related to trucking, logistics, real estate and software. Reports claim that the fall in the US market has caused a loss of approximately one trillion dollars or Rs 90 lakh crore.
Chaos in US market
On Thursday, the Dow Jones Industrial Average fell 669.42 points, or 1.34%, to close at 49,451.98. The Nasdaq had the biggest declines, falling 469.32 points, or 2.03%, to 22,597.15. The S&P 500 index fell 1.57%, or 108.71 points, to 6,832.76.
