Stock market today: Indian indices opened lower Monday morning with Nifty below 17700 amid weak global signals. At 9:16 am IST, the Sensex fell 352.75 points or 0.59 percent at 59293.40, and the Nifty fell 114.30 points or 0.64 percent at 17644.20.
Top winners and losers
Power Grid, HUL, Titan, Dr. Reddy’s was the largest contributor to the benchmark indices. Meanwhile, Kotak Bank, Bajaj Finserv, Wipro and Tata Steel weighed in on the indices.
Wider markets also fell in trading as Nifty Midcap 100 and Nifty Smallcap 100 fell more than 1 percent.
All sectors fell into negative zone as Nifty IT, Nifty Realty and Nifty IT were battered in trade.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The market is sensitively balanced with higher downside risk. Continued FII buying is positive. But FIIs are unlikely to buy aggressively in the current context of rising dollar The dollar index is back above 108 and the US 10-year yield is at 2.99% negative for capital flows to emerging markets India’s impressive GDP growth and favorable leading indicators in the context of global slowdown have the potential to increase more FII flows, but rising dollar and bond yields are a strong headwind. Investors should be cautious. Medium to long-term investors can buy quality banks in declines. Capital goods and cars are on a strong wicket.”
rupee
The rupee depreciated by 20 paise, closing at 79.84 against the US dollar on Friday amid a strengthening overseas dollar.
Global clues
Asian stocks got off to a rocky start on Monday, while demand for the dollar remained amid concerns that most major central banks are determined to raise interest rates regardless of the risks to growth.
Tokyo stocks opened lower Monday on renewed fears of rate hikes following aggressive comments from US Federal Reserve officials. The benchmark Nikkei 225 index fell 1.15 percent or 331.43 points to 28,598.90 in early trading, while the broader Topix index lost 0.85 percent or 16.96 points to 1,977.56.
US stocks fell in a broad sell-off led by megacaps on Friday as US bond yields soared, with the S&P 500 posting losses for the week after four consecutive weeks of gains.
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