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It was another weak session for the Indian stock market in Monday's trade, September 7, as escalating tensions in the Middle East kept crude oil prices elevated, while stronger-than-expected US job growth increased the odds of a Federal Reserve rate hike at its meeting next week, prompting investors to shy away from riskier assets. Extending its losing streak to a fourth straight session, the Nifty 50 slipped another 0.57% to 23,779. The Sensex also remained under pressure, falling 0.5% to 76,132. During the intraday session, both indices slipped to their lowest levels since July 24. The broader markets, however, remained mixed, with the Nifty Midcap 100 index surging 0.46%, while the Nifty Smallcap 100 index ended flat. The losses were led by technology stocks after stronger-than-expected US jobs data boosted bets on a September interest rate hike by the Federal Reserve. Higher US interest rates could curb client spending, weighing on Indian IT firms that generate a significant share of their revenue from the United States. Other sectoral indices, including realty, metal, PSU banks, cement, oil and gas, and FMCG, also ended with losses of more than 0.5%. On the other hand, the pharma pack was the sole gainer, rising 0.6%. In the commodity market, Brent crude touched its highest level in six weeks, climbing towards $97 a barrel as the US and Tehran reportedly carried out their largest exchange of tanker attacks yet. Inflation concerns also pushed bond yields higher across Europe and Asia. The US military denied that Iran had struck an uncrewed American military vessel in the Strait of Hormuz, which remains effectively closed, calling the claim a "total lie," AP reported. Among major markets in Asia, Japan's benchmark Nikkei 225 added 2.1% to finish at 66,399.84, while South Korea's Kospi jumped 4.6% to 6,995.39. Chip-gear makers Kioxia Holdings Corp., Ibiden Co. and Lasertec Corp were among the Nikkei’s best performers, along with OpenAI investor Softbank Group Corp. Shares of Samsung Electronics soared 5.7%, while memory chipmaker SK Hynix surged 8.1%. Renesas Electronics Corp. added 3.1%, Rohm Co. rose 7.8%, and Tokyo Electron edged up 4.7%. Hong Kong's Hang Seng lost 0.9% to 25,413.12, while the Shanghai Composite gained less than 0.1% to 3,932.70. Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, said, “The Nifty 50 closed at 23,779.15, down 118.55 points or 0.50%, while the Sensex declined 382.62 points or 0.50% to 76,132.81. Bank Nifty settled at 57,088.30, lower by 281.35 points or 0.49%.” “On the technical front, the Nifty ended below the 23,800 mark after failing to sustain above the 23,900 zone, reflecting continued weakness in near-term momentum. Immediate support is placed at 23,700–23,750; a decisive break below this zone could accelerate selling pressure and expose the index to the 23,500 level. On the upside, 23,900 remains the first resistance, followed by the crucial 24,000–24,100 zone, which the index needs to reclaim to improve the short-term technical outlook,” Radhakrishnan said. Ajit Mishra, SVP – research, Religare Broking, said, "Technically, the Nifty has slipped back below the immediate support of 23,800, and the close indicates the possibility of a retest of the July swing low at the 23,600 level next, while the 23,900–24,050 region is expected to act as a stiff hurdle on any rebound. Given the current setup, we recommend continuing with a “sell on rise” approach in the Nifty while staying selective on the stock-specific front and focusing on strict risk management until the market stabilizes." Vatsal Bhuva, Technical Analyst at LKP Securities, said that Nifty Bank formed a bearish candlestick on the daily chart and closed near its crucial support zone. The index has decisively slipped below its 20-DMA and 200-DMA, indicating a weak short-term technical structure. However, Vatsal Bhuva noted that the index continues to hold above the key 57,000 level. A sustained move below 57,000 could trigger further downside towards 56,000. Conversely, holding above 57,000 may keep the index range-bound between 57,000 and 58,000. Immediate support is placed at 56,900–57,000, while resistance is seen at 57,900–58,000. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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