Sensex plummets over 1,500 points amid US jobs data and recession fears

PTC News Desk: In the wake of the global carnage, Indian markets saw one of the worst dips of the day, with the Nifty and Sensex recording significant losses in the first trade.

In early trade, the Nifty dropped 489.65 points to 24,228.05. The Sensex slid 1,500 points to 78,580.46.

With information technology stocks leading the way, the benchmark indexes Nifty 50 and S&P BSE Sensex ended their longest weekly winning streak in over 14 years on Friday. This came after a global selloff was sparked by weaker-than-expected US economic data.

US employment growth slowed faster than anticipated in July, according to data released after market hours on Friday. This news weighed on global markets and raised concerns about an impending economic recession.

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