Sensex and Nifty 50 remained in negative territory around noon on September 4, following a sharp decline at the opening. Concerns over a potential slowdown in the U.S. economy were triggered by weak manufacturing data, leading to a global sell-off. In morning trade, all 13 sectoral indices were down, but by mid-day, Nifty Healthcare and Nifty Pharma showed some recovery as investors turned towards defensive sectors in a weak market.
As of 12 PM, the Sensex had fallen by 391 points, or 0.5%, to 82,163, while the Nifty was down by 144 points, or 0.6%, at 25,135. The market breadth was mixed, with 1,448 shares advancing, 1,745 declining, and 106 remaining unchanged.
Indian benchmark indices have been under pressure since the market opened due to the weak U.S. economic data. The broader market also displayed a mixed trend; the midcap index fell by 0.5%, while the smallcap index inched up by 0.2%.
Later today, investors will be focused on the release of U.S. job openings data. Additionally, the jobless claims report, scheduled for September 5, and the U.S. payrolls report, due on September 6, are expected to be closely watched, as they could influence the Federal Reserve’s decision on the scale of an interest rate cut.
Leave a Reply