Markets@11: Markets in turmoil as US recession fears spread

Following global trends, the Indian market plummeted today, with major indices losing over 1%.

Fears of the US heading into a recession have suddenly gripped markets. A US recession would slow down growth in other countries, causing widespread market declines.

While no concrete economic indicators confirm a recession, many experts are pointing towards it. Tonight's release of US employment and wage data will reveal whether these concerns are justified. Financial analysts linked to stock and bond markets are raising the alarm, arguing that the US Fed should have started cutting interest rates sooner. However, independent researchers and multinational financial institutions are not yet predicting a recession.

Auto companies lose

Automobiles, metals, real estate, IT, and PSU banks saw significant losses. Vehicle companies fell by up to 4% due to decreased sales in July.

Zomato's stock surged by nearly 12%, setting a record after doubling in the past year, thanks to increased revenue and profit.

Rupee falls

The rupee weakened today, opening at ₹83.73 against the dollar, which rose due to a stronger dollar index in global markets.

Gold climbed to $2,457 globally, while in Kerala, it rose by ₹240 per sovereign, reaching ₹51,840.

Crude oil prices saw a slight increase, with Brent crude at $80.16.