Sensex down 721 points and Nifty 17 points in opening session


Mumbai: Indian markets are trading in the red mark on Monday morning after weak global market cues. At 9.21 IST on Monday, the S&P BSE Sensex index was down 721 points at 57,470.29, while the Nifty 50 was down 17 points at 17,314.65.

However, Paytm, Starhealth and Ambuja Cements are some of the stocks trading in the green. Bajaj Finance, Adani Ports, Asian Paints and HDFC Bank were among the laggards in the 30-share index. While BSE IT was down 320 points, BSE Bankex was up 1.38 per cent at 44,265.64.

Overall, BSE Midcap fell 300 points in the market, BSE Smallcap fell 212 points to 28,970. Nifty Financial Services closed 0.24 per cent and Nifty Bank down 104 points at 39,178 in morning trade on the NSE.

The US labor market is slowing, but a sudden drop in the unemployment rate has raised hopes that the Federal Reserve will continue to aggressively tighten monetary policy. If the US tightens its monetary policies, other central banks will be influenced to do the same. Most major international indices, including the S&P 500, Dow Jones and Nasdaq, were trading lower in the morning.

However, on the domestic front, investors are sticking to the policy of wait and watch and are waiting for the earnings of the companies for the second quarter (July-September) in the financial year 2022-2023. Investors are also relying on Diwali and other festivals, when there is a jump in selling and buying and the price of precious metals strengthens.

At the start of the second quarter announcements, the IT major — TCS — will announce its earnings results on Monday. Another IT major Infosys will also announce its earnings on Thursday. According to Jefferies, Infosys expects quarter-on-quarter revenue growth of 4 per cent in constant currency in the second quarter of FY13.

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