Jobs Data Jolts Wall Street, Nifty Tests Key Support
MUMBAI, 7 SEPTEMBER: U.S. markets navigated a volatile trading week, buffeted by conflicting macroeconomic signals, Federal Reserve commentary, and a closely watched monthly labour market report.
For the fourth consecutive week, the major averages traded in a narrow range: the S&P 500 edged up 0.1%, the Nasdaq Composite advanced 0.4%, and the Dow Jones Industrial Average slipped 0.3%.
The week’s focal point was Friday’s August employment report. Nonfarm payrolls rose by 162,000 — comfortably above consensus estimates of roughly 50,000–53,000 — while the unemployment rate held steady at 4.1% and average hourly earnings ticked up 0.3% month-over-month.
The stronger-than-expected print reignited expectations of a Federal Reserve rate hike at the mid-September FOMC meeting.
Earlier in the week, markets had drawn support from dovish remarks by Fed Governor Christopher Waller, who signalled a preference for holding rates steady within the current 3.50%–3.75% range, sparking a broad rally.
Friday’s Consumer Price Index report, one of the last major data points the Fed will have in hand before its two-day policy meeting concludes on September 16.
The Indian equity market experienced volatility during the first trading week of September 2026.
Following four consecutive weeks of consolidation, benchmark indices faced selling pressure over four straight sessions through mid-week before staging a Friday rebound.
Overall, the Nifty slipped modestly by 0.93%, while the Sensex settled 0.75% lower for the week. The BSE 150 Mid-Cap index fell 1.36%, and the BSE 250 Small-Cap shed 0.21%.
Sentiment is fragile amid surging crude oil prices driven by US–Iran tensions and elevated US Treasury yields, which have kept risk appetite subdued despite India’s strong Q1 FY27 GDP growth of 7.8% and robust GST collections.
Nifty faces strong resistance in the 24,000–24,200 zone, which has now become a critical supply area for any sustained recovery. On the downside, a decisive break below 23,800 could open the path toward 23,600. Conversely, holding above this support level may allow for short-term consolidation within the broader downtrend. Indian equities are poised for a subdued open, on weaker cues from Wall Street.
Report by : Mr. Devarsh Vakil, Head of Prime Research at HDFC Securities
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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