Stock market crash: Sensex down 2,400 pts, Nifty near 24300; 6 reasons why

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Stock market crash: Sensex down 2,400 pts, Nifty near 24300; 6 reasons why - Business Standard

Quick Summary:

Nikkei 225 and Topix dropped as much as 7 per cent in morning deals, before recouping some losses to trade with cuts of over 5 per cent.

The recent weekly jobless claims data showed that the number of US citizens filing new applications for unemployment benefits increased to an 11-month high for the week ended July 27, suggesting softness in the labor market.

With this, both the Nikkei and Topix are approaching bear market territory, having fallen almost 20 per cent from their all-time highs hit on July 11.