Mumbai: The Indian stock market opened in the red on Monday amid weak global cues, as selling was seen in the realty, metal, FMCG, PSU bank, and auto sectors.

At around 9.34 am, Sensex was trading at 76,821.43 after dropping 557.48 points or 0.72 percent, while Nifty was trading at 23,257.65 after declining 173.85 points or 0.74 percent.

On the National Stock Exchange (NSE), 532 stocks were trading in green, while 1,744 stocks were in red.

The Nifty Bank was down 279 points, or 0.57 percent, at 48,455.15. The Nifty Midcap 100 index was trading at 53,934.30 after dropping 651.45 points, or 1.19 percent. The Nifty Smallcap 100 index was at 17,472.70 after declining 172.85 points, or 0.98 percent.

According to experts, the market will continue to be under pressure from the strong headwinds.

The US jobs data, with 2.56 lakh jobs created in December against expectations of 1.65 lakh, means the rate cut expectations in 2025 are now down to one.

“With the unemployment in the US down to 4.1 percent the economy doesn’t need any stimulus. This good economic news is turning out to be bad news for markets which were discounting many rate cuts this year,” according to market watchers.

Meanwhile, in the Sensex pack, Zomato, M&M, Tata Steel, Power Grid, Tata Motors, ITC, HDFC Bank, Bharti Airtel, Asian Paints, Sun Pharma and Kotak Mahindra Bank were the top losers. Whereas, IndusInd Bank, Axis Bank, Maruti Suzuki, HCL Tech and TCS were the top gainers.

The Dow Jones declined 1.63 percent to close at 41,938.45. The S&P 500 declined 1.54 per cent to 5,827.00 and the Nasdaq declined 1.63 percent to close at 19,161.63 in the last trading session on Friday.

In the Asian markets, Jakarta, Seoul, Hong Kong, China and Bangkok were trading in red.

Foreign institutional investors (FIIs) remained net sellers for the sixth consecutive day, selling equities worth Rs 2,254.68 crore on January 10. On the other hand, domestic institutional investors bought equities worth Rs 3,961.92 crore on the same day.

The rupee weakened 5 paise to open at a record low of 86.20 against the US Dollar on Monday. On Friday, it closed at a record low for three days in a row.

 

 

 

 

 

 

 

 

—IANS
Infographics: Pinaki Paul