On September 6, 2024, the stock market experienced a significant drop as the Sensex plunged by 960 points. This led the index to close at 81,229.84, while the Nifty 50 dipped below the 24,900 mark, settling at 24,869.80. This steep decline saw the broader market trend lower, with most sectors and individual stocks experiencing a downward slide.
Key Market Movers
- Top Gainer: Asian Paints was one of the few stocks that managed to buck the trend, closing at ₹3,279.50, up by 1.27%.
- Top Loser: On the other hand, SBI dropped 3.79%, closing at ₹787.70
Stock Market Summary - September 06, 2024 Index Prices Change Change (%) Sensex 81,229.84 -971.32 -1.18% Nifty 50 24,869.80 -275.30 -1.09% Nifty Bank 50,784.75 -688.30 -1.34% Nifty 50 (Intra-day) 24,862.25 -282.85 -1.12% Top Performers - September 06, 2024 Category Prices Change Change (%) Biggest Gainer (Asian Paints) 3,279.50 41.25 +1.27% Biggest Loser (SBI) 787.70 -31.05 -3.79% Best Sector (Nifty Metal) 9,199.60 -13.35 -0.14% Worst Sector (Nifty PSU Bank) 6,693.45 -207.75 -3.01% BSE Auto Index Losers - September 06, 2024 Company Current Market Price (₹) Change (%) Volume Bosch 32,524.20 -3.47% 514 Tube Investment 3,959.95 -2.82% 6.67k Samvardhana Motherson 188.95 -2.12% 143.14k Tata Motors 1,048.45 -1.89% 290.09k Apollo Tyres 504.80 -1.42% 63.71k Maruti Suzuki 12,147.35 -1.23% 26.45k M&M 2,700.00 -1.10% 111.84k Ashok Leyland 248.30 -1.10% 215.10k Cummins 3,808.20 -0.83% 1.66k Eicher Motors 4,761.95 -0.79% 1.77k
Sector Performance
- Worst Sector: The Nifty PSU Bank index saw the most substantial hit, falling by 3.01%, with most banks under pressure.
- Best Sector: Nifty Metal managed to limit its losses, declining only 0.14%.
Notable Stock Movements
- Premier Energies, Indigo Paints, RIL, and Zomato were the most active stocks, contributing to the day's trading volume.
- In the auto sector, stocks like Bosch and Tata Motors were among the notable losers, both declining by more than 1%.
Company-Specific Updates
- Shreyas Shipping received approval to incorporate a new subsidiary.
- SpiceJet reduced its operational fleet significantly, going from 74 aircraft in 2019 to 28 in 2024.
- Camlin Fine Sciences will hold a board meeting on September 10 to discuss a fund-raising initiative via a rights issue.
- Pidilite Industries gained momentum after signing a distribution deal with CollTech Group.
Expert Insights
According to Goldman Sachs, Vodafone Idea continues to face market challenges, maintaining a "sell" rating with a target price of ₹2.5. The company is expected to struggle due to upcoming spectrum payments and market share losses.
Final Takeaway
The market downturn was broad-based, affecting all 13 sectors. Investors are advised to remain cautious as global factors and upcoming economic data could continue to impact market sentiment.