Sensex Today Ends 1,017 Points Lower | Nifty Below 24,900 | 4 Reasons Why Indian Share Market is Falling

Fri, 6 Sep Closing

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After opening the day lower, Indian benchmark indices turned negative as the session progressed and ended the day weak.

Indian benchmark indices BSE Sensex and Nifty 50 dropped on Friday, as market watchers indicated that investors were likely booking profits at record levels before the release of US jobs and payrolls data later in the day in the US.

At the closing bell, the BSE Sensex stood lower by 1,017 points (down 1.2%).

Meanwhile, the NSE Nifty closed lower by 292.9 points (down 1.2%).

Asian Paints, JSW Steel and Bajaj Finance among the top gainers today.

SBI, BPCL and NTPC on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,903 down 352 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 1.4% lower and BSE SmallCap index ended 0.9% lower.

Sectoral indices were trading negative with socks in telecom sector and oil & gas sector witnessing selling pressure.

Gillette India, Colgate and PI Industries hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.94 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 71,996 per 10 grams.

Meanwhile, silver prices were trading 0.2% higher at Rs 85,134 per 1 kg.

Here are five reasons why Indian stock market is falling.

#1 US Fed Meeting

Major reason for the market fall in uncertainty over the interest rate cut announcement in the fast approaching US Fed meeting this month. If the US Fed declares a 0.3% rate cut, then the market may not cheer the US Fed's rate cut announcement, whereas 0.5% or above may inject extra fuel into the markets across the globe.

#2 Rebound in US Dollar Rates

After revision in the US Inflation average last week, the US dollar witnessed some value buying on Wednesday last week, which helped the US dollar index to bounce back after touching 7-month lower levels, which is close to 100 mark.

#3 US Job Data

The US job openings in July have dropped to three and a half-year low, which has triggered a slowdown in the US labour market. This is also dragging the global markets, including Dalal Street.

#4 US Inflation Concern

Fear of slowdown in the US labour market has renewed the fear of US inflation concern, which may force US Fed to rethink its decision to go for a rate cut. Even if they go with their dovish stance, the market fears that the US Fed rate cut might not be more than 0.3%

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Why Marico Share Price is Rising

In news from the FMCG sector, FMCG giant Marico stood out in a muted market, rising over 4.5% in trade on heavy volumes. Over 5.7 m shares exchanged hands in trade on the bourses today, more than double compared to the one-month daily traded average of 2.3 m shares.

Consumer staples firms face risks with traditional distribution advantages beginning to erode, and the likes of Marico and Hindustan Unilever may face challenges.

Over the past year, Marico shares have underperformed the benchmark Nifty 50 index, rising around 13% as compared to the index's jump of 30% during the same time period.

Marico Limited is one of India's leading consumer products companies operating in the beauty and wellness space.

Currently present in 25 countries across emerging markets of Asia and Africa, Marico has nurtured multiple brands in the categories of hair care, skin care, edible oils, health foods, male grooming, and fabric care.

Wockhardt Plunges 5%. Here's Why

Moving on to news from the pharma sector, shares of Wockhardt Ltd fell over 5% on 6 September after Congress accused Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch of a conflict of interest with the drug firm.

Congress alleged Buch received rental income from an entity affiliated with a Mumbai company that the market regulator was investigating for various cases, including that of insider trading.

Khera alleged that Madhabi Buch gave one of her properties for rent in Mumbai in 2018-19 to Carol Info Services Ltd for Rs 7 lakh. Then, Buch was a full-time member of Sebi.

He said that Carol Info Services Ltd was affiliated to Wockhardt Limited, which is being investigated by Sebi in several cases, including one of insider trading. Khera also said that both the companies had the same promoters.

The Congress leader claimed that Madhabi Buch received Rs 21.6 m from Carol Info Services Ltd as rent from 2018-19 to 2023-24.

The fresh charge by the Congress comes days after the party accused the Sebi chief of holding an office of profit at ICICI Bank and receiving an income of Rs 168 m between 2017 and 2024 after she became a full-time member of the market regulator.

The ICICI Bank has, in a statement, denied paying any salary or granting any ESOPs (Employee Stock Ownership Plans) to Madhabi Buch after her retirement from the bank, even though the Sebi chief has not commented on the issue yet.

Wockhardt is an Indian pharma and biotechnology company. It produces formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).

Dreamfolks' Shares surged over 10% today. Here's Why

Moving on to news from the travel support services sector, Dreamfolks Services' share price surged over 10% on 6 September as the travel and lifestyle experiences company plans to launch the highway dining for travellers.

The new offering marks DreamFolks' expansion beyond airports and railway stations to provide enhanced convenience for highway travellers. The new service will be available at over 600 outlets along key highways across the country.

DreamFolks members can now enjoy specially designed meals at popular restaurants on more than 60 key highway routes emanating from major cities, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Kolkata.

The business model of Dreamfolks Services is asset-light and integrates global card players, credit card and debit card issuers with airlines and various airport lounge operators. It also manages airlines' loyalty programmes. Dreamfolks has also bagged contracts from Indian Railways to offer similar services at stations.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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