Mumbai, September 7 (Daily Kiran) : The Indian stock market began the week on a negative note, opening lower on September 7. By 9:18 AM, the Sensex had dropped by 113 points, or 0.16%, settling at 76,410. Meanwhile, the Nifty fell by 42 points, also a 0.16% decline, to reach 23,861.
Selling pressure was primarily seen in the media and IT sectors, with the Nifty Media and Nifty IT indices emerging as the top losers. Other sectors, including Nifty Realty, Nifty Metal, Nifty Auto, Nifty Commodities, Nifty FMCG, Nifty Oil and Gas, Nifty Private Bank, Nifty Consumption, and Nifty Consumer Durables, also recorded declines.
Only the Nifty India Defense and Nifty Pharma indices managed to stay in the green.
In the midcap and small-cap segments, there was some positive movement. The Nifty Midcap 100 index was down by 146 points, or 0.23%, at 62,932, while the Nifty Smallcap 100 index fell by 19 points, or 0.10%, to 20,078.
Among the gainers in the Sensex pack were Eternal, BEL, Bharti Airtel, Bajaj Finance, ICICI Bank, L&T, Trent, Sun Pharma, and Titan. Conversely, major losers included Infosys, Tech Mahindra, HCL Tech, Tata Steel, Indigo, Axis Bank, Kotak Mahindra Bank, Power Grid, HUL, Asian Paints, Ultratech Cement, NTPC, and HDFC Bank.
Asian markets showed mixed trends. Tokyo, Bangkok, Taipei, Seoul, and Jakarta traded in positive territory, while Shanghai and Hong Kong were in the red. The U.S. stock markets closed lower on Friday, with the Dow Jones down by 0.51% and the technology index dropping by 0.29%.
Analysts attribute the market decline to U.S. job data that exceeded expectations by nearly three times, raising concerns about potential interest rate hikes by the Federal Reserve. Generally, increases in interest rates are considered negative for market performance.
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