Benchmark indices closed lower in the volatile session Monday. At close, the Sensex fell 364.91 points or 0.67 percent at 54470.67, and the Nifty fell 109.40 points or 0.67 percent at 16301.90. About 1036 stocks are up, 2,353 stocks are down and 140 stocks are unchanged. Reliance Industries, Hero MotoCorp, Nestle India, IndusInd Bank and Tata Steel were among the top losers, while the winners were Power Grid Corporation, HCL Technologies, Bajaj Auto, Infosys and Divis Labs.
The broader markets traded with bigger losses. The BSE Midcap and Smallcap indices fell approximately 1.5 percent each, against a 0.7 percent loss on the BSE benchmark index.
Shares fell to 4 percent on the BSE, while continuing to weigh on the Sensex benchmark. The Mukesh Ambani-led oil-to-chemicals (O2C) company Friday reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022.
Meanwhile, the rupee in the foreign exchange market crossed $77/$ for the first time, reaching a record low of 77.17 against the USD at opening.
Crucial macroeconomic data, such as industrial production and retail inflation, will be on investors’ radars this week. Major corporate gains, including those from Asian Paints, Cipla, GNFC, Tata Motors, Larsen & Toubro and Vodafone Idea, will also be looked at.
Global clues
Long-term US Treasury yields rose and global stock markets fell further Friday as investors worried that the Federal Reserve may not be able to rein in inflation in the coming years, even as US data showed slowing wage growth in April. The S&P 500 fell 23.53 points, or 0.6%, to 4,123.34. The Dow Jones Industrial Average fell 98.60 points, or 0.3%, to 32,899.37. The Nasdaq lost 173.03 points, or 1.4%, to 12,144.66. The Russell 2000 Smaller Company Index fell 31.58 points or 1.7% to 1,839.56.
Asian markets got off to a shaky start on Monday as US stock futures slipped early on interest rate concerns, while a tightening lockdown in Shanghai raised concerns about global economic growth and a possible recession. S&P 500 stock futures led the way, down 1.0%, while Nasdaq futures lost 0.9%. The broadest MSCI index of Asia-Pacific stocks outside of Japan fell 0.3% and Japan’s Nikkei fell 1.2%.
Oil prices fell in early Asian trading Monday as investors watched talks in the European Union about a Russian oil embargo expected to shrink global inventories. Brent oil fell 67 cents, or 0.6%, to $111.72 a barrel, while US West Texas Intermediate crude cost $109.02 a barrel, down 75 cents, or 0.7%. Last week, both contracts rose for the second consecutive week on supply concerns after the European Commission proposed a phased embargo on Russian oil. The proposal requires a unanimous vote among EU members.
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