The markets on Monday opened in red with Sensex at 61,964.33, down by 63.57 points and Nifty slipped by 18.30 points at 18,296.50. Tata Motors, Ultratech Cement, Power Grid, Mahindra and Mahindra and Nestle were the top gainers whereas Reliance, Maruti, NTPC, ICICI Bank and IndusInd Bank were the top losers.
The stocks of PVR Inox, Pfizer, Century Plyboards, Kalyan Jewellers India and Suryoday Small Finance Bank will be in focus as the companies are announcing the results for the last quarter today.
Additionally the WPI Inflation data and balance trade data are expected to be released today, which will impact the stocks. Markets will also react to industrial production data and consumer inflation numbers that were released after market hours on Friday.
Markets on Friday
Despite subdued economic data from the US and China triggering concerns about recession, Sensex on Friday gained 132 points to end the week at 62,021. Nifty surged past 18,300 to wrap up the day on a positive note, as Adani stocks were dragged back by MSCI's review. Although metals, IT and pharma sectors were dragged down, the gains made by banking stocks made up for them.
Apart from IndusInd Bank, Mahindra and Eicher motors from the auto basket were the top gainers, while Tata Steel, Bharat Petroleum and NTPC lost the most.
Global markets
US stocks ended slightly lower on Friday with Dow Jones declining for the fifth straight session and saw a fall of 8.89 points to 33,300.62, S&P 500 slipped 6.54 points to 4,124.8 and Nasdaq slumped 43.76 points to 12,284.74. Investors are concerned that if the Fed continues with its interest hike then it might push the economy into recession. Additionally, on Friday Fed Governor Michelle Bowman said that the Feb will probably have to raise rates further if inflation continues to stay high.
Asian markets continued to be mixed on Monday morning with Singapore's SGX Nifty down by 36 points at 18,288 and South Korea's KOSPI seeing a slight fall of 7.04 points at 2,468.38. Japan's Nikkei 225 on the other hand was in the positive with a 143.56 points gain at 29,531.86 and Hong Kong's Hang Seng also saw a slight rise of 9.13 points at 19,636.37.
Oil prices
Oil prices on Monday were lower due to increasing concerns on fuel demand in top oil consuming countries like the US and China with Brent crude futures going down by 43 cents to $73.74 per barrel and US West Texas Intermediate Crude fell by 37 cents to $69.67 per barrel.
Rupee
Indian rupee on Monday opened at 82.22 per dollar against Friday's close of 82.16.
