Stock Market LIVE Updates: Sensex down 500 pts at 82,100, Nifty tests 25,100; SmallCap, VIX gain
Stock Market LIVE Updates: Indian markets opened considerably lower on Wednesday, dragged down by a sharp sell-off in global markets, after the release of weak manufacturing data in the US.
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Photo: Bloomberg
Stock Market LIVE Updates, Wednesday, September 4, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 opened significantly lower on Wednesday, following the sharp sell off in global markets after weak manufacturing data in the US brought back fears of a recession in the US economy.
At 10:00 AM, the BSE Sensex was down 486.69 points, or 0.59 per cent lower, at 82,068, while the Nifty 50 was at 25,124, down 155 points, or 0.62 per cent lower.
Elsewhere, Wall Street closed sharply lower overnight as investors softened their optimism about artificial intelligence.
The Dow Jones Industrial Average dropped 1.51 per cent, to end at 40,936.93; the S&P 500 lost 2.12 per cent, to close at 5,528.93; while the Nasdaq Composite lost 3.26 per cent to close at 17,136.30.
That set up for a negative lead in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.44 per cent in early trade, while US stock futures extended their decline.
S&P 500 futures were off 0.1 per cent. Nasdaq futures eased 0.15 per cent.
Markets in Asia-Pacific were down on Wednesday, with Japan’s Nikkei 225 leading the losses in the region. It slid more than 3 per cent, while the broad based Topix was down 2.74 per cent.
South Korea’s Kospi had shed 2.61 per cent at open, while the small cap Kosdaq had dropped 2.94 per cent.
Meanwhile, Australia’s S&P/ASX 200 was down 1.46 per cent, and Hong Kong’s Hang Seng index futures were at 17,487, lower than the HSI’s last close of 17,651.49.
Oil prices struggled near their lowest level in months, on signs of a deal to resolve a dispute that has halted Libyan crude production and exports.
Brent crude futures were last 0.05 per cent lower at $73.71 a barrel, while US crude futures dipped 0.13 per cent to $70.25 per barrel.
A slew of US economic data is due throughout the week, including figures on job openings, jobless claims and the closely watched nonfarm payrolls report out on Friday.
Given the Federal Reserve's focus on the health of the US labour market, Friday's release could decide whether a rate cut expected this month will be regular or super-sized.
Safe-haven currencies like the dollar and the yen meanwhile rose on safety bids, with the Japanese currency last a touch higher at 145.36 per dollar.
Elsewhere, spot gold rose 0.05 per cent to $2,494.23 an ounce.
10:34 AM
Sources BSE![]()
Stock Market LIVE Updates: Rama Steel Tubes inks pact with Onix Renewables
Stock Market LIVE Updates: Rama Steel Tubes Limited (RSTL) has announced a strategic collaboration with Onix Renewable Ltd. This partnership will focus on leveraging the expertise of RAMA Steel Tubes Ltd to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable Ltd.
Sources BSE
10:30 AM![]()
Stock Market LIVE Updates: Asian Paints, Indigo Paints, Kansai gain up to 5% on falling oil prices
Stock Market LIVE Updates: Shares of paint companies were trading higher on Wednesday, rising up to 5 per cent on the BSE, on the back of a fall in crude oil prices. Crude oil is a key component in the production of certain raw materials used in the manufacturing of paints, such as solvents and resins. On the bourses, Asian Paints, Berger Paints India, Shalimar Paints, Kansai Nerolac Paints, Indigo Paints, and Akzo Nobel India gained in the range of 1 per cent to 5 per cent intraday today. By comparison, the BSE Sensex was down 0.64 per cent at 82,025 at 09:34 AM. READ MORE
10:20 AM![]()
Stock Market LIVE Updates: Nvidia suffers record $279 billion loss in market value as Wall St drops
Stock Market LIVE Updates: Shares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday in the deepest ever single-day decline in market value for a US company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data. READ MORE
10:06 AM![]()
Stock Market LIVE Updates: GIC Re slips 5% after Govt plans to dilute 6.78% stake to raise Rs 4,700 cr
Stock Market LIVE Updates: General Insurance Corporation of India (GIC Re) shares were trading lower on Wednesday, September 4, 2024. The GIC Re stock slipped as much as 5.37 per cent to hit an intraday low of Rs 398.60 per share. The decline in GIC Re’s share price follows the central government’s announcement of its plan to reduce its stake in the company by 6.78 percent to raise about Rs 4,700 crore. This will mark the first stake sale since GIC Re's listing in 2017. READ MORE
10:00 AM![]()
Stock Market LIVE Updates: ECOS Mobility lists at 17% premium on BSE, NSE
Stock Market LIVE Updates: Shares of Ecos (India) Mobility & Hospitality kicked off their journey on the bourses on a strong note amidst mixed market sentiments on Wednesday. ECOS Mobility shares listed at Rs 391.30 on the BSE, reflecting a premium of 17.15 per cent from the issue price of Rs 334. On the NSE, shares of ECOS Mobility listed at a premium of 16.76 per cent at Rs 390.
9:55 AM
Stock Market LIVE Updates: Mankind Pharma's shares gain on OTC biz transfer
Mankind Pharma has finalised a Business Transfer Agreement to transfer its over-the-counter (OTC) business to its wholly owned subsidiary, Mankind Consumer Products Private Limited (MCPPL), through a slump sale.
This transaction will see MCPPL acquire the OTC business, including various non-prescription products, as a going concern for a lump sum without specifying individual asset and liability values.
This transaction will see MCPPL acquire the OTC business, including various non-prescription products, as a going concern for a lump sum without specifying individual asset and liability values.
9:44 AM
Stock Market LIVE Updates: KIMS hits lifetime high at Rs 2,655 after ex-date announcement for stock split
The hospital chain has set September 13, 2024, as the record date for its 5-for-1 stock split, according to its exchange filing. Shareholders on record as of this date will receive the split shares, the company said.
9:40 AM 
Stock Market LIVE Updates: General Insurance Corporation of India slumps 5%
The central government plans to dilute a 6.78 per cent stake in GIC Re to raise approximately Rs 4,700 crore. This will be the first stake sale since the company's 2017 listing. The Offer for Sale (OFS) will start on Wednesday for non-retail investors, with retail investors and GIC employees being able to bid on Thursday. The floor price for the OFS is set around Rs 395 per share, reflecting a 6 per cent discount to the current market price.
9:34 AM
ONGC, Wipro, LTIM down 2% each on NSE
ONGC, Wipro, LTIMindree, Infosys and JSW Steel were leading losses on NSE. In comparison, Asian Paints, BPCL and Bajaj Finserv were among the ones trading in green.
9:30 AM
Sectoral trends:: Nifty IT, PSU Bank and Metal slip 1% each
Among sectors, Nifty PSU Bank led losses followed by Nifty IT, Nifty Metal and Nifty Financial Services.
9:24 AM
Broader market check:: SmallCap index holds small gains in weak market
The BSE SmallCap index showed resistance to the weak market trading mildly higher at 56,099 levels, up 0.07 per cent.
9:21 AM
Heatmap: Asian Paints, Sun Pharma only gainers on Sensex
Asian Paints and Sun Pharma were the only gainers in top-30 stocks listed on the BSE, while JSW Steel, Infosys and Tech Mahindra among others led losses.
9:19 AM
Opening bell: 46 out of 50 stocks face selling pressure on NSE
The benchmark index Nifty50 slipped around 0.69 per cent at 25,105 levels.
9:16 AM
Opening Bell: Sensex declines over 450 pts at open
BSE Sensex tanked around 486 points or 0.59 per cent at 82,068 levels at the opening bell.
9:15 AM ![]()
Comment: No valuation comfort in the broader market, quality largecaps offer safety
Historically September has been a weak month for global markets. This has been true for the last four years. Going by early trends, this might again turnout to be true this year, too. The selloff in US markets yesterday was triggered by growth concerns.
There are indications of US manufacturing moving into contraction thereby threatening the soft landing expectation, which has been the pillar of support for the mother market US and consequently for other markets, too. Now there is a small question mark about this scenario. More data is needed to confirm this trend.
There are indications of US manufacturing moving into contraction thereby threatening the soft landing expectation, which has been the pillar of support for the mother market US and consequently for other markets, too. Now there is a small question mark about this scenario. More data is needed to confirm this trend.
The buy on dips strategy that has been working well in this bull run may play out this time, too. Retail investors waiting for a correction are likely to jump in on dips. Will the trend sustain remains to be seen.
In the present stage of the market where there is no valuation comfort in the broader market, quality largecaps offer safety to long-term investors.
(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)
(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)
Topics : MARKET LIVE MARKETS LIVE Markets Sensex Nifty S&P BSE Sensex Nifty50 Nifty 50 BSE NSE BSE NSE equity MARKETS TODAY Global stock markets Indian stocks Indian stock market
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First Published: Sep 04 2024 | 7:21 AM IST
