Sensex Today: The domestic equity markets amid weak global cues and rising crude oil prices opened on a tepid note. The Sensex was down 692.69 points or 1.19% at 57498.60, and the Nifty was down 207.70 points or 1.20% at 17107. About 698 shares have advanced, 1655 shares declined, and 156 shares are unchanged.
Tata Motors, IndusInd Bank, Asian Paints, Hero MotoCorp and HDFC Bank were among major lowers on the Nifty, while gainer is Apollo Hospitals.
Rupee
Indian rupee opened at fresh record low at at 82.67 per dollar on Monday against Friday’s close of 82.32.
The domestic currency has repeatedly posted record lows in recent sessions on concerns over oil prices, rising Treasury yields, corporate outflows and offshore demand for the U.S. currency. The Reserve Bank of India’s interventions have not been able to arrest the slide in the rupee, unlike in prior occasions.
“The double whammy of higher U.S. rates and higher crude prices is back to haunt the rupee,” said IFA Global Research Academy. “While the RBI was able to defend the rupee successfully through the last round of simultaneous stress on current and capital account by spending it’s reserves, this time around things are likely to be different.”
Global Cues
Stocks slipped in Asia on Monday after a surprise drop in U.S. unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.
Wall Street fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will barrel ahead with an interest rate hiking campaign many investors fear will push the U.S. economy into a recession.
Oil prices jumped about 4 per cent to a five-week high on Friday, lifted again by an OPEC+ decision this week to make its largest supply cut since 2020 despite concern about a possible recession and rising interest rates.
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