Stock Market Update: Following a solid US jobs data on Friday that supported the Federal Reserve’s decision to keep raising interest rates quickly, Indian equity benchmarks declined on Monday, followed lower Asian counterparts and a sell-off in risk assets. Rising oil prices further dampened mood.
In early trade, the BSE Sensex fell 825.61 points to 57,365.68, and the larger NSE Nifty index fell 249.95 points to 17,064.70.
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On Friday, both benchmarks had their first weekly increase in four weeks, increasing more than 1% the previous week.
Tata Steel, Nestle, Hindustan Unilever, HDFC, Asian Paints, and HDFC Bank were the biggest laggards in the 30-share Sensex group.
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On the other side, Power Grid was the lone winner.
“Due to weak Asian indications following a steep decline in US markets on Friday, equity markets are anticipated to open weakly on Monday. The US Federal Reserve is still on track to raise interest rates rapidly, according to the strong September jobs report “Prior to the opening bell, Prashanth Tapse, Senior Vice President for Research at Mehta Equities, stated.
Investors are now anticipating the release of the monthly Consumer Price Index report on Thursday out of concern that rising energy costs could exacerbate inflationary pressures, the author continued.
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