Bourses expected to open negative

9 Sep 2024 , 09:04 AM

Indian benchmark indices likely to open lower on September 9 amid global cues. GIFT Nifty also indicating lower opening after trading around 127 points down at 24,830.5 at 7 am IST.

On September 6, the Indian markets ends lower ahead of the US job data set to be released. The Nifty falls 292.95 points or 1.17% closing at 24,852.15 while Sensex closed at 81,183.93, 1,017.23 points down or 1.24%.

Global Markets:

Asian markets consecutively opened on negative not again as they slipped on Monday due to the concerns about a potential economic slowdown in the US weighed on Wall Street. The fall also led to the decline in bond yields and commodity prices as investors moved away from riskier assets in favor of safer options.

The US stocks also fell on Friday led by a jobs report indicating a continued slowdown in the labor market and uncertainty over the future Federal Reserve interest rate cuts. All three major indexes were closed red, with all the eleven sectors of the S&P 500 faced losses, led by communication services, consumer discretionary, and technology stocks.

The S&P 500 and the Dow has also experienced their largest weekly declines since March 2023, while the Nasdaq posted its biggest weekly loss since January 2022. This comes after the US Labor Department report which says employers added 142,000 jobs in August, below analyst expectations. At the same time, July’s job growth was revised down to 89,000, which was also below estimates.

The Dow Jones Industrial Average dropped 410.34 points, or 1.01%, to 40,345.41. The S&P 500 fell 94.99 points, or 1.73%, to 5,408.42, and the Nasdaq Composite declined by 436.83 points, or 2.55%, to 16,690.83.

FII & DII Data:

The FIIs has extended their selling spree on September 6 after selling equities of around ₹620 crore while DIIs were the bought equities worth ₹2121 crore.