Stock Market LIVE Updates: Sensex drops 700pts, Nifty at 25,100 at pre-open as global cues weigh
Stock Market LIVE Updates: Indian markets were likely to open 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 pre-open, the BSE Sensex was down 709 points, or 0.86 per cent, at 81,845, while the Nifty 50 was at 25,089, down 189 points, or 0.75 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.
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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)
9:10 AM
Pr-open:: Nifty tanks over 150 pts, holds 25,000 mark
The top 50 blue chip stocks index Nifty50 fell 0.75 per cent at 25,089 levels in pre-opening trade.
9:08 AM
Pre-open: Sensex slumps over 600 pts
The benchmark index BSE Sensex slipped 0.79 per cent at 81,907 levels in pre-opening deals following weakness in global peers.
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Stock Market LIVE Updates: These 10 stocks go ex-date today; do you own any?
Dividend, share buyback today: Shares of Prince Pipes, Reliance Chemotex Industries, and 7 other companies will be in focus during Wednesday’s trading session as they will trade ex-dividend today. These companies have announced dividend payouts, and today marks the ex-dividend date for these distributions.
Additionally, shares of Transport Corporation of India will also trade ex-date today.
The company’s board has approved a buyback of up to 13,33,333 fully paid-up equity shares, each with a face value of Rs 2. As per the information available on the exchnages, the buyback will be conducted at Rs 1,200 per equity share, payable in cash, for an aggregate amount of up to Rs 160 crore. The buyback will be on a proportionate basis through the tender offer route. Read more
The company’s board has approved a buyback of up to 13,33,333 fully paid-up equity shares, each with a face value of Rs 2. As per the information available on the exchnages, the buyback will be conducted at Rs 1,200 per equity share, payable in cash, for an aggregate amount of up to Rs 160 crore. The buyback will be on a proportionate basis through the tender offer route. Read more
8:45 AM
The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,690. The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,760. Read more![]()
Stock Market LIVE Updates: Gold price dips Rs 10 to Rs 72,760, silver falls Rs 100 to Rs 85,900
The price of 24-carat gold dipped Rs 10 in early trade on Wednesday, with ten grams of the precious metal trading at Rs 72,760 according to the GoodReturns website. The price of silver declined Rs 100, with one kilogram of the precious metal selling at Rs 85,900.
The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,690. The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,760. Read more
8:37 AM![]()
Market View: Upcoming US jobs report may pause Nifty’s winning run
This Wednesday morning, markets are sending mixed signals. Wall Street traded with a negative bias due to renewed recession fears following weak US manufacturing data. On the positive side, WTI oil prices dropped below $71 a barrel, an eight-month low, and FIIs purchased Rs. 1029 crores in stocks yesterday.
For Nifty and Sensex to bounce, they must break their all-time highs, with strength confirmed only above Nifty 25,334. In stocks, bearish trends are noted for Jindal Steel & Power, DLF, and BHEL on intraday strength, while SBI Life is a buy with targets up to 2029. Investors are also eyeing the upcoming US jobs report, which may pause Nifty’s 14-day winning streak.
(View By: Prashanth Tapse, Senior VP (Research), Mehta Equities)
For Nifty and Sensex to bounce, they must break their all-time highs, with strength confirmed only above Nifty 25,334. In stocks, bearish trends are noted for Jindal Steel & Power, DLF, and BHEL on intraday strength, while SBI Life is a buy with targets up to 2029. Investors are also eyeing the upcoming US jobs report, which may pause Nifty’s 14-day winning streak.
(View By: Prashanth Tapse, Senior VP (Research), Mehta Equities)
8:23 AM
“We recently held a meeting with members of the Society of Indian Automobile Manufacturers (Siam). The final regulations are likely to be issued in the next 10 days,” a government source informed.
The draft notification stated that in 2025-26, automakers must recycle or recover at least 10 per cent of the steel used in vehicles placed on the market in 2005-06. Similarly, in FY27, the 10 per cent mandate will be for vehicles sold in FY07. Read more![]()
Stock Market LIVE Updates: Auto stocks in focus as steel recycle mandate for automakers on the anvil
The environment ministry is likely to soon issue regulations that will mandate automakers to recycle a specified percentage of steel from old vehicles, starting from the next financial year, according to people familiar with the matter.
“We recently held a meeting with members of the Society of Indian Automobile Manufacturers (Siam). The final regulations are likely to be issued in the next 10 days,” a government source informed.
The draft notification stated that in 2025-26, automakers must recycle or recover at least 10 per cent of the steel used in vehicles placed on the market in 2005-06. Similarly, in FY27, the 10 per cent mandate will be for vehicles sold in FY07. Read more
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Stock Market LIVE Updates: Havells India begins production at Tumakuru facility
Havells India on Tuesday said that it began commercial production of cables at Tumakuru facility, and plans expansion to increase capacity to 462,600 kms per annum with Rs 450 crore investment.
Source: BSE
Source: BSE
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Stock Market LIVE Updates: Dalmia Bharat to acquire 26% stake in TrueRe Surya
Dalmia Bharat's unit to acquire 26 per cent equity stake in TrueRe Surya Pvt. Ltd. for Rs 44.80 crore to secure 128 MW of solar power as a captive consumer in Tamil Nadu.
Source: BSE
Source: BSE
8:12 AM![]()
Stock Market LIVE Updates: How average listing gains are pushing IPO subscriptions
The frenzy that centred round the SME (small and medium enterprises) initial public offering (IPO) of Resourceful Automobile indicates the primary market is in a phase of irrational exuberance. Resourceful Automobile, a motorcycle dealer with two showrooms and a workforce of eight, was seeking to raise a modest Rs 12 crore.
It received bids worth Rs 4,800 crore. Most of the investors were retail/non-institutional. Moreover, this is not the only SME IPO that has received high levels of oversubscription in the recent past. Read more
It received bids worth Rs 4,800 crore. Most of the investors were retail/non-institutional. Moreover, this is not the only SME IPO that has received high levels of oversubscription in the recent past. Read more
8:05 AM
Most central banks were expected to start cutting interest rates sometime this year, or have already done so, with the US Federal Reserve predicted to start at its Sept. 17-18 meeting. Read more![]()
Stock Market LIVE Updates: Already expensive house prices to get modest boost from rate cuts
House prices in most key markets will rise modestly this year and next on expectations mortgage rates will fall further and help to marginally improve affordability of expensive property, a Reuters poll of analysts showed.
Most central banks were expected to start cutting interest rates sometime this year, or have already done so, with the US Federal Reserve predicted to start at its Sept. 17-18 meeting. Read more
8:03 AM![]()
Stock Market LIVE Updates: Market regulator Sebi search-and-seizure operations jump 2x in FY24
Stock market regulator Securities and Exchange Board of India (Sebi) has increased the use of search-and-seizure operations, a relatively recent addition to its powers, as it conducted 106 operations across 83 locations, including those outside major metros, in FY24, according to data from the regulator’s annual report released earlier in August. Read more
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Stock Market LIVE Updates: CEAT, Star Health are top picks of Vinay Rajani of HDFC Sec
Buy Star Health and Allied Insurance, CMP: Rs 637.90 | Target: Rs. 732 | Stop-loss: Rs 587
Stock has broken out from multi week consolidation pattern on the weekly charts. Price rise was accompanied by healthy volumes. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Read more
8:01 AM
Brent crude below $74 per barrel ![]()
Share market today: US, Asian markets fall, Gala Precision, ECOS IPO eyed
Share market today: Indian shares are likely to open in the negative territory amid weak global cues. At 7:03 AM GIFT Nifty futures were down 175 points at 25,168.
US markets on Tuesday.
The US markets slumped registering the beginning of one of the market's historically worst months, Dow Jones was down 1.51 per cent, the S&P 500 was down 2.12 per cent, and the Nasdaq Composite was down 3.26 per cent.
How are Asian markets performing today?
Asia-Pacific markets followed the US markets' suit and traded lower. At the last count, Nikkei was down 3.74 per cent and ASX 200 was down 1.87 per cent. Meanwhile, Hang Seng was down 1.43 per cent and Shanghai was down 0.57 per cent.
Brent crude below $74 per barrel
On the commodity front, last seen, Brent crude oil was down 0.42 per cent at $73.44 per barrel. Read more
7:59 AM ![]()
Stock Market LIVE Updates: Nifty PSU Bank, Private Bank eye breakout; key levels
The Nifty PSU Banks Index is currently range-bound, oscillating between the levels of 7,090 and 6,910. This indicates a phase of consolidation, where the index lacks clear direction and is waiting for a catalyst to move decisively. When an index is range-bound, it typically suggests that the market participants are uncertain, and the buying and selling forces are relatively balanced. Read more
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
