Stock markets closed lower on Wednesday (September 4, 2024) with Nifty taking a breather after a 14-day winning run and Sensex dropping by 202 points due to weak global trends on worries of potential slowdown in the U.S. market.
The 30-share BSE Sensex dropped 202.80 points or 0.25% to settle at 82,352.64. During the day, it tumbled 721.75 points or 0.87% to 81,833.69.
Snapping its 14-day rally, the NSE Nifty declined 81.15 points or 0.32% to 25,198.70. Intra-day, it tanked 196.05 points or 0.77% to 25,083.80. Nifty has surged nearly 1,141 points or 4.59% in 14 straight days.
Among the 30 Sensex firms, ICICI Bank, State Bank of India, Axis Bank, Mahindra & Mahindra, Infosys, Larsen & Toubro, Tata Steel, Tata Consultancy Services, Bajaj Finance and Adani Ports were the major laggards.
Asian Paints, Hindustan Unilever, UltraTech Cement, Sun Pharma and Reliance Industries were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended sharply lower.
European markets were also trading in the red. The U.S. markets ended significantly lower on Tuesday.
“The warning signals from weak US manufacturing data added concerns about a potential slowdown in the U.S. economy, which dragged the domestic indices. Due to a lack of major domestic triggers, the indices will take direction based on global cues,” said Vinod Nair, Head of Research, Geojit Financial Services.
Foreign Institutional Investors (FIIs) bought equities worth ₹1,029.25 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude declined 0.14% to $73.65 a barrel.