After the results of the US mid-term elections, there was a huge crash in the US markets yesterday. There was a heavy sell-off in the Asian markets today, especially due to the crackdown in AI-related stocks. The Indian stock market continued to perform well amid the meltdown in the global markets and the Sensex touched 81000 and Nifty 25000 points today. While Bank Nifty also crossed the level of 59000 points. Amidst the ruckus in AI-related stocks, FIIs were seen taking in the Indian stock market today. Initially, the Indian stock market opened in the red behind the global markets, but as buying started in the opening minutes, the stock market turned positive and finally closed at the day's high. However, the broader market was slow to improve. Sector-wise, the bullish wind blew in private bank stocks, which was also supported by pharma stocks. Slow improvement was also seen in PSU Bank. Auto stocks continued to rally. IT stocks closed marginally higher after early gap-up opening. Notably, investors were seen buying due to attractive valuations of largecaps. Approximately 3 trillion dollars in a single day from the American stock market means approximately Rs. 285 lakh crores of market value has been eroded. Especially AI-related stocks were washed away. After the erosion of America, turmoil is being seen in the Asian market. On the other hand, the Indian stock market had a soft start, but has recovered and is moving forward positively. In Asian markets, South Korea's Kospi index tumbled more than 8 percent. Japan's Nikkei fell more than 5 percent. Heavy selling in AI and semiconductor companies has sent Asian markets into a frenzy. The Kospi fell to 8.8 percent, falling below the psychological level of 5,000 points. Apart from this, a decline was also seen in other markets.
Tremendous rise in stock market on Dhanteras day, rupees below 94 (TOP STORIES) is featured on Aapnu Amdavad — the digital home of Ahmedabad, where Amdavadis discover news and everything happening across the city.