The markets on Monday morning opened flat with Sensex at 64,908.08, up by 21.57 points and Nifty was at 19,317.35 with a loss of 51.55 points. L&T, Tata Steel, UltraTech Cement, JSW Steel and SBI were the top gainers in the morning session, whereas Nestle, Hindustan Unilever, Titan, Tata Motors and Bajaj Finance were among the losers.
Markets on Friday
The benchmark indices ended on a negative note. The 30-share BSE Sensex fell 457.41 points to end the week at 64,794.93 and the NSE Nifty index went down by 143.70 points to end the day at 19,243. The markets slipped for the fifth straight week for the first time since May 2022, with both Sensex and Nifty near 2-month lows.
IT stocks slipped by 1 per cent, while Pharma and PSU bank fell 2 per cent each. Nifty Bank also slipped 329.15 points on Friday to close at 44,167.05.
Global markets
US markets ended higher on Friday after the Federal Reserve Chair Jerome Powell said that the US central bank may need to raise interest rates further in order to contain inflation. The Dow Jones Industrial Average gained 247.48 points at 34,346.9, the S&P 500 closed higher with a 29.4 point gain at 4,405.71 and Nasdaq Composite rose 126.67 points to 13,590.65.
The Asian stock markets were trading higher on Monday after China announced measures to support the flagging economy. South Korea's KOSPI added 20.50 points at 2,539.64, Hong Kong's Hang Seng gained 444.50 points at 18,400.88, GIFT Nifty exchange was trading higher at 19,277 with a jump of 39.50 points and Japan's Nikkei 225 rose 505.62 points at 32,129.90.
Oil prices
Oil prices rose on Monday morning as China took measures to support its ailing markets. However, investors continued to worry about further US interest rate hikes and the growth pace of China. Brent crude futures for October gained 22 cents at $84.70 per barrel and US West Texas Intermediate crude jumped to $80.08 per barrel with a gain of 25 cents.
Rupee
The Indian rupee opened higher on Monday morning at 82.55 per dollar against Friday's close of 82.65.
