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The stock market declined due to profit booking, banking sector losses, and global uncertainty. Midcaps and small caps saw selling pressure, while US and Asia-Pacific markets struggled with weak economic data and impending US jobs reports.
One of the key reasons for why the market is down today is that profit booking amid a period of consolidation. Over the past few sessions, the broader market—particularly small-cap and mid-cap indices—has continued to hit record highs due to strong stock-specific buying. However, on the index front, the markets have been consolidating within a range, signaling a possible time-wise consolidation in the short term rather than a major price correction.
On September 6, both the Sensex and Nifty opened lower and continued to fall sharply ahead of the US jobs data release, which could influence the Federal Reserve’s interest rate decision. As of 10:00 AM, Nifty Private Bank, Nifty Bank, and Nifty PSU Bank were down between 0.7% and 1.7%. SBI shares dropped 3%, the worst performer on Nifty 50, along with Coal India, ONGC, and UltraTech Cement.
While Nifty IT initially rose nearly 1%, it gave up its gains and ended 0.2% lower. LTIMindtree remained a standout, rising 1.5% after an upgrade by Morgan Stanley.
The broader market also saw selling pressure, with BSE Midcap and Smallcap indices falling 0.8% and 0.3%, respectively. The volatility index (India VIX) rose over 7% to 15.3, indicating increased market uncertainty.
Global cues also contributed to the decline. US markets, including the S&P 500 and Dow, closed lower overnight as investors shifted focus to the upcoming US jobs report. Additionally, weak household spending data from Japan dampened sentiment in Asia-Pacific markets.
As the market navigates these mixed signals, investors can expect further consolidation, with stock-specific movements playing a key role in short-term performance.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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