The stock market opened on a weaker note on Monday amid weak global as the Asian markets declined as the investors closely watch over a flurry of rate decisions from the US Federal Reserve. Key equity benchmark index Sensex fell 495.53 points to 61,686.14 in early trade while Nifty declined 147.15 points to 18,349.45 level. The market remained weak in the early trade on the back of weak global cues and tepid foreign flows.

 

Glenmark Pharmaceuticals declined over 2 per cent after the USFDA issued a warning letter to the drugmaker's Goa-based facility for manufacturing lapses. Among individual stocks, shares of Jaiprakash Associates rose over 9 per cent as the board will mull over the sale of their Nilgrie cement unit in Madhya Pradesh.


 

On Friday, the BSE Sensex closed 389 points or 0.62 per cent lower at 62,181, while NSE Nifty declined 112 points or 0.61 per cent to 18,496. 

 

ITC, NTPC, and Tata Consultancy Services Ltd were among the laggards while HDFC Bank, Dr Reddy Laboratories, Maruti Suzuki, and Reliance Industries were among the top gainers today. 

 

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The rupee on Monday declined 35 paise to 82.63 against the US dollar in early trade as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments, reported news agency PTI.

 



Asian shares fell on Monday while the dollar drifted higher at the start of a hectic week, as markets awaited a flurry of rate decisions from the US Federal Reserve, the European Central Bank, and others, according to the news agency Reuters.


 

MSCI's broadest index of Asia-Pacific shares outside Japan slid 1 per cent, after rising 1.3 per cent the previous week on the back of optimism that China is finally opening up its economy with the dismantling of its zero-COVID policy.




Investors expect a 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting this week. A steep interest rate hike might push the economy into recession as inflation continues to remain a priority for central bankers.


US Treasury Secretary Janet Yellen on Sunday forecasted a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. "I believe by the end of next year you will see much lower inflation if there's not ... an unanticipated shock," she told CBS' '60 Minutes' in an interview, according to the news agency. On recession, the former Federal Reserve chair said, "There's a risk of a recession. But ... it certainly isn't, in my view, something that is necessary to bring inflation down.


Meanwhile, oil prices rose more than 1 per cent on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.


Brent crude futures were up 30 cents, or 0.4 per cent , to $76.40 a barrel by 0300 GMT. U.S. West Texas Intermediate crude was at $71.53 a barrel, up 51 cents, or 0.7 per cent .


The price gains on Monday for Brent and WTI follow declines in both grades last week to their lowest since December 2021 amid concerns that a potential global recession will impact oil demand.