The stock market today ended lower on Thursday, September 3, with benchmark indices reversing early gains amid continued pressure from elevated crude oil prices and global market concerns. The BSE Sensex fell 417.49 points, or 0.55%, to close at 76,152.86, while the NSE Nifty 50 declined 41 points, or 0.17%, to settle at 23,873.45.
Key Highlights
- Sensex falls 417 points while Nifty declines 41 points, ending below 24,000 amid persistent market pressure.
- Elevated crude prices and global uncertainty weigh on Indian equities despite stronger foreign inflows and rupee resilience.
Stock Market Today: Sensex, Nifty Give Up Early Gains
The Indian stock market had a good start to the session in the early part, with the Nifty briefly trading above the 24,000 level, and the Sensex rising by over 300 points. But the gains could not be maintained as selling pressure came in the session.
There were mixed gains and losses on the individual stock side of the market. Axis Bank was the biggest gainer in the Sensex with a rise of 0.89% followed by Adani Ports, Asian Paints, HDFC Bank and Bharti Airtel. BEL and Tata Steel also ended slightly higher.
On the other hand, Titan fell 2.17% and was the worst laggard in the Sensex. Trent fell 1.93%, ITC dropped 1.63%, M&M declined 1.62%, and Bajaj Finserv slipped 1.61%. Other companies like HCL Tech, Tech Mahindra and Sun Pharma also closed at a lower price.
Also Read: Sensex and Nifty Extends Losing Streak to Third Consecutive Session
Crude Oil and Global Cues Keep Investors Cautious
A major issue for domestic stocks was high crude oil prices. Brent crude was around $95 a barrel following concerns over supply disruptions via the Strait of Hormuz. The volume of shipping transiting the strategic waterway continued to be lower than usual, thus contributing to the uncertainty of the market.
Meanwhile, the rupee was seen as being more resilient as it faced both oil and domestic equity pressures. It ended at 94.56 against the US dollar, rising 17 paise post session. Previously, foreign capital inflows and good liquidity mobilisation through the RBI special swap facility kept the liquidity and the currency good.
There was some reprieve in global markets, ending with a gain on Wall Street after three days of losses and a rebound in Asian stocks. Investors continued to watch for indications on the global interest-rate outlook from forthcoming US data, central-bank comments, bond yields, currencies and oil prices.
The Nifty has closed below 24,000, which could provide a positive sign to investors that it will try to regain the psychological level in the next session, but movements by crude oil and global markets will be significant in the immediate future.
