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Sensex Opens Lower as Global Markets Show Mixed Signals

Rajeshwari R by Rajeshwari R
September 6, 2024
in Business
Reading Time: 3 mins read
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Sensex Opens Lower as Global Markets Show Mixed Signals

Sensex Opens Lower as Global Markets Show Mixed Signals

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Indian Equity Indices Open Lower Amid Global Market Mixed Signals

Mumbai: Indian equity indices experienced a decline at the start of trading on Friday, reflecting mixed signals from global markets.

As of 9:48 a.m., the Sensex had dropped 430 points, or 0.52 percent, to 81,771, while the Nifty was down 118 points, or 0.48 percent, at 25,023.

Despite the early drop, the broader market trend remains positive. On the National Stock Exchange (NSE), 1,138 shares were in the green, whereas 992 shares were in the red.

Choice Broking noted, “Following the gap-down opening, Nifty may find support around 25,050, with subsequent support levels at 25,000 and 24,950. Immediate resistance is expected at 25,250, with further resistance at 25,300 and 25,350.”

Midcap and smallcap stocks are facing selling pressure. The Nifty Midcap 100 index fell 330 points, or 0.56 percent, to 59,117, while the Nifty Smallcap 100 index declined by 33 points, or 0.17 percent, to 19,487 points.

India’s volatility index (India VIX) increased by 5 percent to 14.93.

Sector-wise, PSU Bank, energy, infrastructure, media, and commodities are among the major losers, while pharma, FMCG, metal, and IT sectors are showing gains.

In the Sensex pack, top gainers include Bajaj Finserv, Bajaj Finance, Asian Paints, HUL, Wipro, IndusInd Bank, TCS, Bharti Airtel, Tech Mahindra, Nestle, Tata Motors, and Tata Steel. Conversely, SBI, UltraTech Cement, Reliance, NTPC, ICICI Bank, HDFC Bank, HCL Tech, and Infosys are notable losers.

Asian markets are exhibiting mixed trading patterns, with declines observed in Tokyo, Shanghai, and Seoul, while Jakarta and Bangkok are showing gains. The US markets closed with mixed results on Thursday.

Market experts suggest that while the Indian economy continues to perform well, evidenced by a 47 percent growth in FDI in Q1 FY25 and a steady drop in Brent crude prices to below $73, elevated valuations remain a concern. They recommend focusing on buying fairly valued quality stocks during market declines.

“The near-term market trend will likely be influenced by the US jobs data scheduled for release tonight,” experts added.

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