Share Market News: The two key equity benchmarks, Sensex and Nifty, plunged sharply tracking weak global cues. At 10.05 am, the BSE Sensex 751 points to 71,913. On the other hand, the NSE Nifty50 was trading at 21,846, down 209 points.
Stock update
On the 30-share Sensex platform, barring Asian Paints, TCS, and Sun Pharma, all the indices are trading in the red. Tata Motors slumped the most, 8.92 per cent.
In the broader market, the BSE MidCap and SmallCap indices declined over 1 per cent each.
The volatility index (VIX) jumped 14 per cent.
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Sectoral update
Sectorwise, Nifty Auto index fell 2 per cent, followed by Nifty Metal index (down 0.6 per cent). On the other hand, Nifty Pharma gained 0.8 per cent.
Global market updates
In Asian markets, Seoul, Tokyo, and Shanghai were trading lower, while Hong Kong quoted in the positive territory. Wall Street ended mostly higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.
Global oil benchmark Brent crude declined 0.31 per cent to $82.53 a barrel.
Rupee trades in narrow range
Meanwhile, the Indian currency was trading in a narrow range against the US dollar in early trade on Monday, tracking a weak trend in domestic equities and strong American currency. Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias.
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.51 against the American currency and touched 83.52 in initial trade, registering a fall of 1 paisa from its previous close. On Friday, the rupee closed at 83.51 against the American currency.