Image used for representative purpose only
| Photo Credit: Reuters

Benchmark equity indices declined in early trade on Friday (September 6, 2024) tracking a weak trend in global markets and fresh foreign fund outflows.

Falling for the third day running, the 30-share BSE Sensex declined 233.98 points to 81,967.18 in early trade. The NSE Nifty dropped 60 points to 25,085.10.

Among the 30 Sensex firms, State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank and Titan were the biggest laggards.

Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints and IndusInd Bank were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended mostly in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹688.69 crore on Thursday after days of remaining buyers, according to exchange data.

Meanwhile, global oil benchmark Brent crude dipped 0.07% to USD 72.64 a barrel.

“The near-term trend in the market will be influenced by the US jobs data to be published tonight,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark on Thursday failed to hold on to initial gains and declined 151.48 points or 0.18% to settle at 82,201.16.

The NSE Nifty dipped 53.60 points or 0.21% to 25,145.10 despite a positive beginning of the trade.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, all eyes are now on the upcoming August U.S. jobs report on Friday.

Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: Reuters

Benchmark equity indices declined in early trade on July 5 amid profit-taking after a record rally in the last few trading sessions and selling in blue-chips HDFC Bank and ICICI Bank.

The 30-share BSE Sensex plunged 504.27 points to 79,545.40. The NSE Nifty slipped 105.30 points to 24,196.85.

Among the 30 Sensex companies, HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank were the major laggards.

Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys and Tech Mahindra were among the gainers.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹2,575.85 crore, according to exchange data.

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the U.S. jobs data expected on Friday.

“If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asian markets, Seoul quoted higher, while Tokyo, Shanghai and Hong Kong traded lower.

“Most markets in the Asia-Pacific region traded lower due to the absence of cues from U.S. peers, with investors keenly awaiting the non-farm payroll data to be published later on Friday,” Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said.

U.S. markets were closed on Thursday on the occasion of Independence Day.

Global oil benchmark Brent crude declined 0.37% to $87.11 a barrel.

On Thursday, the 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Later, the Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15.