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.

Updated on: May 3, 2024, 13:51:36 IST

By HT News Desk

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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.

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, Nifty today

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

While US jobs data is due, Asian markets opened higher, with the MSCI Asia ex-Japan index up 1.1%. Hong Kong's Hang Seng Index was 2% higher and Wall Street equities rose overnight after US Federal Reserve Chair Jerome Powell said that further interest rate increases remained unlikely.

Oil prices today

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.

Read more: BHEL share price today jumps nearly 9% to hit a 52-week high. Here's why

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.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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