Sensex shaky as US to announce payroll today

September 06, 2024 09:44

Sensex declines 233.98 points to 81,967.18 in early trade; Nifty drops 60 points to 25,085.10.

Experts highlighted that the stock markets are facing pressure as major economic data, including the US monthly payroll data, is due this week. If this report also comes weak, the markets may slide further.

"US Monthly Payrolls data day is here. Another poor report will raise chances for a 50 bps cut on Sep 18th. A strong report will limit expectations to a 25 bps cut. US markets have been seeing outflows in the last two weeks and we expect this trend to continue as investors take a risk off stance going into Sep 18th. Indian markets will take their cues from these global developments. Expect volatility and weak markets. Positions will be kept light given the event risk this evening from the US Payrolls data" said Ajay Bagga, Banking and Market Expert.

In the broad market on the National Stock Exchange, Nifty Next 50, Nifty 100, Nifty 200, and other major indices faced pressure during the opening session. In the sectoral indices, Nifty Bank, Nifty Auto, and Nifty FMCG faced selling pressure, while Nifty IT, Nifty Media, and Nifty Pharma gained.

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