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Stock market today: Sensex declines 281.74 points to 80,902.19 in early trade; Nifty at 24,770.70 – Times of India

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NEW DELHI: Equity benchmark indices, Sensex and Nifty opened on a negative note on Monday following Asian markets trends and global cues.
Sensex opened at 80,973.75 down by 210 points (0.26%) while Nifty was down by 28 points at 24,823 points.
NTPC, Adaniport, Tata Steel, Powergrid and Tata Motors were the major loser among the Sensex while ICICI bank, Hindustan Unilever, Asian Paint, IndusInd Bank and Bajaj Finserv were among the major gainers.
Most major indices opened in red on the National Stock Exchange with the exception being Nifty MicroCap 250. Among the sectoral indices, Nifty FMCG, Nifty Media, and Nifty PSU Bank managed to gain, while the others experienced declines.
“Eight days of volatility are assured for the markets as the Fed rate cut of Sep 18th comes within striking distance. The seasonality of poor September performance of markets is playing out as per expectations. On top of that, the slowdown in China and Germany is adding to global growth worries. The news of a top German car manufacturer mulling closing down car factories in Germany was symbolic of all that is troubling Germany,” said Ajay Bagga, a Banking and Market expert.
Despite the negative influence from other Asian markets, experts believe that the impact on Indian stocks will be less severe due to the support from domestic investors.
“For Indian markets, the impact is coming via FII selling. The good news is that despite the net FII outflows of over Rs 5.5 lakh crore from Jan 2022 to August 2024, the Rs 11 lakh crore plus of robust domestic inflows have meant every dip has been bought into in the Indian markets. We expect a couple of weeks of this volatility, but don’t expect sharp cuts in the Indian markets given the domestic liquidity sitting on the sidelines,” Bagga added.
Asian stock markets also declined on Monday, with selling pressure mounting after lower-than-expected US payroll growth. The Japanese and Hong Kong markets faced high selling pressure, with major indices declining by more than 1.50 per cent. Japan’s Nikkei 225 index fell by 1.84 per cent or 632 points, while Hong Kong’s Hang Seng was down by 1.73 per cent or 301 points at the time of filing this report.
Additinally, the Taiwan Weighted index declined over 2 per cent while South Korea’s KOSPI index suffered a drop of 1.15 per cent.
Market analysts attribute the widespread selling in Asian stocks to growing apprehensions about economic slowdowns in China and Germany. These concerns have exacerbated the already volatile market conditions, which were primarily influenced by expectations of interest rate cuts by the Federal Reserve.
The Indian equity markets witnessed a steep decline on Friday, with the banking and energy sectors being the most severely affected. The Nifty plummeted by 292.95 points or 1.17 per cent, closing at 24,852.15 while the Sensex fell by 1,017.23 points or 1.24 per cent, ending the trading session at 81,183.93.





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