Sensex Today Plunges 700 pts, Nifty Around 17,100; IDBI Bank Surges 10%
Markets opened on a tepid note
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 the major lowers on the Nifty, while the gainer is Apollo Hospitals.
The Indian rupee opened at a fresh record low of 82.67 per dollar on Monday against Friday’s close of 82.32.
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 percent 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.