The Sensex tumbled nearly 2,400 points, or 2.95%, to 78,588.19, while the Nifty50 dropped 414.85 points, or 2%, to 24,302.85 amid fears of a US recession. Weak US jobs data, with the unemployment rate rising to 4.3%, heightened concerns over slowing economic growth. Geopolitical tensions in the Middle East further pressured markets. Over the last two sessions, the Sensex has fallen 4%, and the Nifty has declined 3.27%. Foreign institutional investors sold Rs 3,310 crore of domestic shares on August 2, contributing to the market downturn.

The Sensex and Nifty indices crashed by over 3% each, wiping out Rs 18 lakh crore in investor wealth. The Sensex fell by 2,345 points to 78,636.37, while the Nifty50 dropped 698.70 points to 24,019 amid fears of a potential US recession. Experts attribute the sharp decline to weak US job data, geopolitical tensions in the Middle East, and the unwinding of the Yen carry trade affecting the Japanese market. Investors are advised to trade cautiously and monitor global trends.

As tensions rise, Israel is contemplating a preemptive strike against Iran to thwart a potential attack, Axios reports. This decision comes amid heightened conflict between Israel and Hezbollah, which has been exchanging fire daily. The situation escalated after Israel’s assassination of Hezbollah commander Fuad Shukr and Hamas leader Ismail Haniyeh. US Secretary of State Antony Blinken has warned G7 nations of possible imminent attacks. Meanwhile, Israel's top officials, including Prime Minister Netanyahu, are deliberating with security agencies on the potential preemptive measures to safeguard against Iranian aggression.

The Supreme Court ruled that Delhi’s Lieutenant Governor (L-G) can independently appoint aldermen to the Municipal Corporation of Delhi (MCD) without requiring the Delhi government’s consent. This decision, rejecting the AAP government's plea, underscores that the power to nominate members stems from the Delhi Municipal Corporation Act, not the advice of the council of ministers. The court's ruling, which came after a 15-month review, confirms that the L-G’s actions were in line with statutory provisions and not subject to the elected government’s recommendations.

UK Prime Minister Keir Starmer has condemned the far-right violence that erupted across multiple cities, including Rotherham and Middlesbrough, following misinformation about a Southport stabbing. Over 150 arrests were made as rioters targeted mosques and clashed with police. An emergency Cobra meeting will be held at 10 Downing Street to address the crisis. Home Secretary Yvette Cooper has promised strong police action and enhanced mosque protections. The riots, described as the worst in a decade, began after the stabbing of three young girls, fueling anti-immigrant sentiment.

The Olympic triathlon mixed relay will proceed as scheduled on Monday, despite two days of training cancellations due to Seine River water quality concerns. Organizers confirmed the water quality has improved and meets World Triathlon standards. The decision, initially set for overnight, was expedited to aid athlete preparation. Earlier pollution issues delayed the men’s triathlon from Tuesday to Wednesday. Belgian triathlete Claire Michel fell ill after Wednesday's race, leading Belgium to withdraw from the mixed relay. The Belgian National Olympic Committee urges lessons be learned for future events.

The S&P BSE Sensex plunged by 1,672.88 points to 79,309.07, and the NSE Nifty50 fell by 414.85 points to 24,302.85 due to weak global cues. Rising US recession risks and Middle East tensions drove the decline, with smallcap and midcap stocks also suffering. Major sectoral indices like realty, IT, and financial services saw significant losses. Experts suggest a cautious approach, highlighting overvaluations and global uncertainties. Top gainers included Britannia and Sun Pharma, while Tata Motors and Hindalco led the losers.

Thirteen people have died and more than 40 are missing after cloudbursts triggered flash floods in Himachal Pradesh's Kullu, Mandi, and Shimla districts. The calamity struck on July 31, with the most affected areas being Nirmand, Sainj, Malana, Padhar, and Rampur. Rescue operations have been intensified, deploying sniffer dogs, drones, and additional machinery. Over 400 rescuers are involved, including Army and NDRF teams. The state government announced immediate relief measures, including financial aid for victims and monthly rent assistance.

Indian hockey player Amit Rohidas has been handed a one-match ban following a red card in the Paris Olympics 2024 quarterfinal against Great Britain. Rohidas received the red card during the second quarter for a stick incident, leaving India to play with 10 men. Despite this, India triumphed in a shootout with PR Sreejesh leading the charge. Hockey India has raised concerns about inconsistent umpiring and video reviews. Rohidas will miss the crucial semifinal match on Tuesday. India's shootout victory saw them advance, with Harmanpreet Singh scoring and Sreejesh making key saves.

Violent clashes in Bangladesh have resulted in 98 deaths and hundreds of injuries as protesters demand the resignation of Prime Minister Sheikh Hasina. Police fired tear gas and stun grenades to disperse demonstrators. The government has declared an indefinite nationwide curfew and a three-day holiday. India has advised its nationals to avoid traveling to Bangladesh and exercise extreme caution if already there. High-speed internet services have been shut down, and social media access restricted amidst the turmoil.