Sensex falls over 1,000 points, Nifty loses 200: Why is stock market falling

Stock market today: Nifty Financial Services rose over 1% higher, Nifty Bank was up 0.5% while Nifty Auto, Media, Metal, Pharma, and Realty opened with gains.

Stock market today: Indian equity indices opened higher today (May 3) while Nifty scaled a new record. But the indices declined later dragged down by Reliance Industries, HDFC Bank and IT stocks. 

Sensex, Nifty today

Stock market today: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

Sensex lost 1000 points to trade below the 74,000 level while NSE's Nifty50 slipped below 22,500 as it lost over 200 points.

How are all sectors performing today?

Nifty Financial Services rose over 1% higher, Nifty Bank was up 0.5% while Nifty Auto, Media, Metal, Pharma, and Realty opened with gains.

Bajaj Finance soars

Shares of Bajaj Finance rose over 6% after the Reserve Bank of India lifted restrictions on its lending products allowing it to "resume sanction and disbursal of loans" in the banned segments. It was the top gainer on the Sensex.

What about global markets

Oil prices were higher in early trade on Friday but the crude benchmarks were headed for weekly losses owing to US economic uncertainty and crude supply disruptions caused by the Israel-Hamas war.

Brent crude futures for July rose 18 cents to $83.86 a barrel while US West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.