Stock Market Update: Sensex Down 1,000 Points, Nifty Below 25,000; VIX Up 6%

Sensex Today: The benchmark indices Sensex and Nifty extended their decline on Wednesday, slipping further after Tuesday’s sharp sell-off amid weak global cues and mounting geopolitical concerns.

Around 10:45 am, the Sensex was down 669.82 points, or 0.82 per cent, at 81,510.65, while the Nifty 50 fell 195.05 points, or 0.77 per cent, to 25,037.45.

On Tuesday, the Sensex and Nifty had plunged about 1.3 per cent and 1.4 per cent, respectively — their steepest single-day fall in over eight months — and ended at their lowest closing levels in more than three months.

Rupee At Record Low

The Indian rupee opened at a record low of 91.07 against the US dollar on Wednesday.

Global cues

Asian markets extended their losses on Wednesday, weighed down by renewed geopolitical concerns after

the US President issued fresh warnings to European nations over the Greenland issue. Japan’s Nikkei slipped 0.35 percent after government bond yields rebounded, a day after a sharp selloff.

Trump has imposed a 10 percent tariff on eight European countries, effective February 1, with the rate set to rise to 25 percent in June, after they opposed his plans to acquire Greenland.

Overnight, Wall Street recorded its worst session since April last year, according to Bloomberg, with market volatility touching its highest level since November. Both the S&P 500 and the Nasdaq ended more than 2 percent lower.

The spotlight this week remains on the World Economic Forum in Davos, where global leaders have raised concerns over the dominance of “superpowers”. Canadian Prime Minister Mark Carney, in a key address, said the “rules-based international order” is effectively dead.