Sasmita Jena
Bengaluru, 6 September 2024
Indian benchmark indices Sensex and Nifty continued their fall for the third consecutive day with the extent of selling pressure growing on Friday.
Both the broad gauges witnessed significant declines with all indices trading in the red. While Nifty is down around 278 points (down 1%), Sensex is trading down 900 points (down more than 1%) in the morning trade.
Analysts said investors are feeling jittery ahead of the key US jobs report that holds the potential of influencing the US Federal Reserve’s decision on interest rate.
Moreover, the Indian markets are hovering at record high level in an extended bull rally in recent months. Some analysts feel that valuations are now stretched and a healthy correction is long overdue.
The Nifty IT Index is down 0.5% at 42,300 level with all frontline stocks trading in the red.
Infosys is trading 1.23% down at Rs 1,909, while TCS is trading 0.61% down at Rs 4,448 at 11.20 AM.
Among midcaps, Coforge is trading 1.92% up at Rs 6,676, while LTIMindtree is 2% up at Rs 6,270 at Nifty.
