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On September 6, 2024, global markets saw a dynamic shift influenced by economic reports, geopolitical tensions, and major corporate earnings. The U.S. stock market experienced fluctuations, with the Dow Jones Industrial Average and the S&P 500 facing slight declines due to investor caution ahead of upcoming economic data. Despite positive earnings reports from key tech companies, the Federal Reserve's concerns about potential interest rate hikes in response to inflationary pressures caused market uncertainty.
I) Nifty: opened at 25093 and touched a high of 25168, then a low of 24801 and closed at 24852with a total of - 292 points in Negative
II) Bank Nifty: opened at 51200 and touched a high of 51380, then a low of 50447, and closed at 50576, with a total of -896 points. Negative
III) Fin Nifty: open 23750 and touched a high of 23855, then a low of 23473 and closed at 23529 With a total of - 329 points in Negative
IV) Nifty Mid Select: open 13263 and touched a high of 13274, then a low of 13033 and closed at 13066 With a total of - 211 points in Negative
On September 6, 2024, Indian stock markets experienced significant declines, with the S&P BSE Sensex dropping 1,017.23 points to close at 81,183.93 and the NSE Nifty50 falling 292.95 points to end at 24,852.15.
This downturn was largely attributed to investor caution ahead of key U.S. jobs data, which could influence the Federal Reserve's interest rate decisions.
All major sectors declined, with banking and financial services stocks leading the losses.
State Bank of India (SBI) shares fell by approximately 3% following a downgrade by Goldman Sachs, citing rising headwinds to growth, margins, and credit costs.
In contrast, LTIMindtree shares rose by 2% after an upgrade by Morgan Stanley, highlighting a steady growth outlook and attractive valuations.
The market volatility led to a significant reduction in the total market capitalization of BSE-listed companies, with investors losing over ₹4 lakh crore.
Indian Markets Decline Ahead of U.S. Jobs Data
Indian shares fall ahead of US jobs data, set for weekly losses
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