Market Update: Nifty Slips Below 24,000, Sensex Falls 238 Points As Selling Intensifies

As of 3:05 pm, the BSE Sensex falls 238.11 points, or 0.31%, at 76,719.16, while the Nifty declines 0.44% to 23,974.50, slipping below the key 24,000 mark.

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Stock Market Today, September 1: The domestic equity markets remained under pressure in the afternoon trade on Tuesday, September 1, with selling broadening across sectors and particularly weighing on financial, auto and healthcare stocks.

As of 3:05 pm, the BSE Sensex was down 238.11 points, or 0.31%, at 76,719.16, while the Nifty 50 declined 0.44% to 23,974.50, slipping below the key 24,000 mark.

The broader market underperformed the benchmark indices. Nifty Midcap 50 fell 1.54%, Nifty Midcap 100 declined 1.60%, and Nifty Midcap 150 dropped 1.38%. Nifty Next 50 was also down 1.37%.

Sectoral indices remained largely in the red. Nifty Healthcare fell 1.74%, Realty declined 1.68%, Auto dropped 1.63%, Pharma slipped 1.59%, and Financial Services Ex-Bank fell 2.13%. Nifty MidSmall Financial Services was the worst-performing sectoral index, down 2.20%.

On the other hand, FMCG remained resilient, gaining 0.79%, while IT and Media rose 0.28% and 0.20%, respectively. Oil & Gas gained 0.17%, while Chemicals edged up 0.06%.

Among Sensex stocks, ITC surged 4.14%, HCLTech gained 3.19%, Bharti Airtel rose 2.09% and Kotak Mahindra Bank advanced 1.63%. At the other end, Maruti Suzuki fell 4.36%, SBI declined 2.88%, Indigo dropped 2.68% and Bajaj Finserv slipped 2.67%.

Market sentiment continues to be weighed down by elevated crude oil prices, high US bond yields and sustained foreign investor selling, despite the stronger-than-expected 7.8% Q1 FY27 GDP growth providing support to domestic fundamentals.

Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm, said, “Indian equity markets are expected to remain cautious as renewed US-Iran tensions and the resulting rebound in crude oil prices continue to cloud investor sentiment. Adding to the cautious backdrop, growing expectations that the US Federal Reserve could keep monetary policy tighter for longer are weighing on risk appetite across emerging markets.”

He added that crude oil remains a key monitorable for domestic markets, with WTI trading in the $86-87 per barrel range as geopolitical tensions in the Middle East keep concerns over energy supplies elevated.

“Offsetting some of these external headwinds is the resilience of the domestic economy. India’s real GDP expanded 7.8% in the first quarter of FY27, comfortably exceeding both the RBI’s 7% projection and market expectations. Robust domestic consumption, sustained investment activity and healthy manufacturing growth underpinned the stronger-than-expected performance despite an increasingly challenging global environment. The stronger growth print is expected to provide support to investor sentiment and help cushion downside risks for domestic equities,” Ponmudi said.

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A sustained recovery in crude oil prices could continue to weigh on market sentiment, whereas any meaningful cooling in oil prices may help Indian markets regain their recovery trajectory.

Expectations that the US Federal Reserve will keep monetary policy tighter for longer can weigh on risk appetite across emerging markets. Additionally, rising risk-free rates and higher US Treasury yields serve as key headwinds for equities, particularly in emerging markets that rely on external funding.

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