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Sensex Opens Lower Amid Weak Global Cues

Rajeshwari R by Rajeshwari R
September 9, 2024
in Business
Reading Time: 3 mins read
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Sensex Opens Lower Amid Weak Global Cues

Sensex Opens Lower Amid Weak Global Cues

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Mumbai Equity Indices Open Lower Amid Weak Global Cues

Mumbai, September 9, 2024: Indian equity indices commenced the trading week on a negative note, reflecting the subdued global sentiment. As of 9:32 a.m., the Sensex was down by 215 points, or 0.27%, trading at 80,968. Similarly, the Nifty index saw a decline of 78 points, or 0.32%, settling at 24,773.

The broader market trends mirrored the bearish sentiment. On the National Stock Exchange (NSE), 1,621 stocks were trading lower compared to 566 stocks showing gains.

Early trading saw a pronounced sell-off in midcap and smallcap stocks. The Nifty Midcap 100 index fell by 415 points, or 0.72%, to 58,080, while the Nifty Smallcap 100 index dropped by 208 points, or 1.08%, to 19,067.

Sectoral indices displayed a mixed performance, with significant losses observed in PSU Banks, metals, energy, infrastructure, and Public Sector Enterprises (PSE). Conversely, the FMCG and IT sectors were notable gainers.

Hardik Matalia, Derivative Analyst at Choice Broking, offered technical insights, suggesting that after the initial gap down, the Nifty could find support at 24,750, followed by 24,650 and 24,600 levels. On the upside, immediate resistance is expected around 25,000, with further resistance at 25,050 and 25,100.

In terms of individual stock performances, Sensex leaders included HUL, Bajaj Finserv, Bajaj Finance, Asian Paints, TCS, HCL Tech, Maruti Suzuki, ITC, and IndusInd Bank. Meanwhile, NTPC, Power Grid, Tata Steel, M&M, Tata Motors, and SBI emerged as the top losers.

Market experts anticipate increased volatility in the coming days, driven by two major factors: the upcoming US presidential election and the Federal Reserve’s decision on interest rates. The current tight race in the presidential election and potential rate adjustments could significantly influence market sentiment.

“In light of these uncertainties, investors may adopt a cautious approach, awaiting clarity on these critical developments. However, the prevailing market weakness presents an opportunity to gradually accumulate high-quality large caps and defensive stocks, such as those in the pharmaceutical sector,” experts noted.

All major Asian markets were in the red, including Tokyo, Shanghai, Hong Kong, Bangkok, Seoul, and Jakarta. The US markets also closed lower on Friday.

Foreign Institutional Investors (FIIs) continued their selling spree on September 6, offloading equities worth Rs 620 crore. In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities valued at Rs 2,121 crore on the same day.

Tags: National Stock Exchange (NSE)Niftystock marketTOP

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