The stock market on Monday, August 5, experienced a significant downturn. As the market numbers continued to fall, the social media platform X, formerly Twitter lit up with memes.
The Indian headline indices Sensex plunged to 79,589.27, dropping over 1600 points, while the Nifty dropped to 24,330.10, losing 387.60 points in the early morning. The Nifty Bank index also took a hit, trading at 50,712.50, down by 637.65 points.
Traders, investors, and onlookers turned to humor to cope with the financial chaos, creating a digital flood of memes that ranged from witty to downright hilarious.
Memes on X have captured the sentiment of many investors, blending financial jargon with pop culture references.
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Here are some of the trending themes:
By 14:14 PM IST, the Sensex had further declined to 78,853.59, down by 2128.36 points or 2.63 per cent, and the Nifty was at 24,089.70, down by 628.00 points or 2.54 per cent.
Share performance | BSE
This dramatic downturn is being labeled a 'global sell-off,' primarily triggered by the US Federal Reserve's decision to maintain the interest rate at 5.25 per cent to 5.50 per cent.
Additionally, the impending Monetary Policy Committee (MPC) meeting in India, scheduled to start on August 6 and conclude on August 8, has added to the uncertainty.
Market participants are anxiously awaiting the MPC's decision on whether to decrease, retain, or increase rates, as this will significantly impact the future trajectory of the markets.
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