"Stock Market Today: Indian benchmarks Sensex and Nifty 50 fell by up to 3% in early trading on Monday, August 5. This decline reflects global trends amid rising US recession fears and escalating tensions in the Middle East, which have unsettled investors."

The Sensex was hit hard by a widespread selloff, opening at 78,588.19 compared to its previous close of 80,981.95, and quickly plunged 3% to 78,580.46. Meanwhile, the Nifty 50 started at 24,302.85, down from its previous close of 24,717.70, and fell over 2% to 24,192.50.

By around 9:45 am, the BSE Sensex had dropped 1.90% to 79,442, while the Nifty 50 was down 2% at 24,232. The BSE Midcap and Smallcap indices also saw declines of over 2% each at that time.

The total market capitalization of BSE-listed companies fell to nearly 447 lakh crore from approximately 457 lakh crore in the previous session, resulting in an investor loss of nearly 10 lakh crore within just an hour of trading.

As per experts explained, "Global markets are under pressure as bearish trends take hold amid a mix of negative news. The initial trigger was concerns about a reverse yen carry trade following Japan's interest rate hike. This was further exacerbated by fears of a US recession after disappointing job data, which unsettled market sentiment. With China and Europe already facing slowdowns and escalating geopolitical tensions adding more strain, the market is facing significant challenges."