Stock markets take breather after record-breaking run on selling in IT, oil shares
The Hindu
Sensex and Nifty halt winning streak, Sensex slips 0.01% while Nifty gains 1.15 points; global markets down.
Snapping its record-breaking rally, benchmark BSE Sensex closed marginally down on Tuesday (September 3, 2024) due to profit-taking in metal, oil and IT shares amid weak global trends.
Halting its 10-day winning run, the 30-share BSE Sensex slipped 4.40 points or 0.01% to settle at 82,555.44 in a range-bound trade. During the day, it dropped 159.08 points or 0.19% to 82,400.76.
Broader 50-issue Nifty of NSE eked out gains of 1.15 points to close at a fresh peak of 25,279.85, taking its gaining streak to a record 14 days.
In the 10-day rally, Sensex spurted 2,135 points or 2.61%. Nifty has surged nearly 1,141 points or 4.59% in 14 straight days.
Among the 30 Sensex firms, Bajaj Finance, Infosys, Adani Ports, JSW Steel, HCL Tech, Bharti Airtel, IndusInd Bank and Tata Motors were the biggest laggards.
ICICI Bank, Bajaj Finserv, Titan, Nestle and HDFC Bank were among the gainers.
“Amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather. Mild caution emerged due to a recent slowdown in manufacturing activities, which indicates a slowdown in demand,” said Vinod Nair, Head of Research, Geojit Financial Services.
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