Benchmark indices ended lower in the volatile session on Monday. At close, the Sensex was down 364.91 points or 0.67 per cent at 54470.67, and the Nifty was down 109.40 points or 0.67 per cent at 16301.90. About 1036 shares have advanced, 2353 shares declined, and 140 shares are unchanged. Reliance Industries, Hero MotoCorp, Nestle India, IndusInd Bank and Tata Steel were among the top Nifty losers, while gainers were Power Grid Corporation, HCL Technologies, Bajaj Auto, Infosys, and Divis Labs.
The broader markets were seen trading with deeper losses. The BSE Midcap and Smallcap indices were down around 1.5 per cent each as against a 0.7 per cent loss on the BSE benchmark index.
Among stocks, Reliance fell up to 4 per cent on the BSE as it continued to weigh on the Sensex benchmark. The Mukesh Ambani-led oil-to-chemicals (O2C) company on Friday reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022.
Meanwhile, in the currency market, the rupee crossed the 77/$ mark for the first time ever, hitting a record low of 77.17 against USD at open.
Crucial macro-economic data such as industrial output and retail inflation reading will be on investors’ radar this week. Big corporate earnings including those of Asian Paints, Cipla, GNFC, Tata Motors, Larsen & Toubro, and Vodafone Idea will also be eyed.
Global Cues
Long-dated US Treasury yields surged and global stock markets slid further on Friday as investors worried the Federal Reserve may not be able to curb inflation in the years ahead even as U.S. data showed decelerating wage growth in April. The S&P500 dropped 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 index of smaller companies tumbled 31.58 points, or 1.7%, to 1,839.56.
Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. S&P 500 stock futures led the way with a drop of 1.0%, while Nasdaq futures shed 0.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Japan’s Nikkei 1.2%.
Oil prices slipped in early Asian trade on Monday as investors eyed talks at the European Union on a Russian oil embargo that is expected to tighten global supplies. Brent crude dropped 67 cents, or 0.6%, to $111.72 a barrel while US West Texas Intermediate crude was at $109.02 a barrel, down 75 cents, or 0.7%. Last week, both contracts rose for the second straight 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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