Stock Market: Sensex Falls 240 Points, Nifty Trades At 16,163 Tracking Weak Global Cues; TCS Slips 4%

Stock update: On the 30-share BSE platform, M&M was the top gainer, up 2.61 per cent. The other gainers were Dr Reddy, NTPC, Titan, ICICI Bank, ITC, Axis Bank, IndusInd Bank, HUL, and others

In the broader markets, the BSE MidCap and SmallCap indices were muted.

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The two key equity benchmarks, Sensex and Nifty, on Monday opened trade on a weaker not because of weak global sentiments, halting a three-straight sessions of gains.

At 10.30 am, the BSE Sensex was down 240 points at 54,242, while the broader NSE Nifty was trading at 16,163, down 57 points.

On the 30-share BSE platform, M&M was the top gainer, up 2.61 per cent. The other gainers were Dr Reddy, NTPC, Titan, ICICI Bank, ITC, Axis Bank, IndusInd Bank, HUL, and others. On the flipside, TCS was the main loser, down 4.50 per cent. Bharti, HCL Tech, Infosys, Wipro, TechM, L&T were the other losers.

On the other hand, D-Mart owner Avenue Supermarts jumped 2.9 per cent after strong earnings results.

In the broader markets, the BSE MidCap and SmallCap indices were muted.

On NSE, Nifty IT plunged 3 per cent weighed due to TCS numbers. Nifty metals, pharma were also in the red, while Nifty Bank and Auto packs held nominal gains.   

Asian shares started cautiously on Monday as investors braced for a US inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure, the Reuters reported.

Meanwhile, the rupee depreciated 7 paise to 79.33 against the US dollar in early trade on Monday as a muted trend in domestic equities and risk-averse sentiments weighed on the local unit.

However, sliding crude prices in the international market restricted the rupee's fall, according to forex traders.

At the interbank foreign exchange, the rupee opened weak at 79.30 against the American dollar and slipped further to quote at 79.33, a decline of 7 paise over its last close.

Global oil benchmark Brent crude futures declined 0.63 per cent to $106.35 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they sold shares worth Rs 109.31 crore, as per exchange data.