Last updated: Feb 06, 2023 10:37 AM IST

A man looks at a screen across the street showing Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (File photo/Reuters)

Meanwhile, Asian stocks tumbled on Monday after a series of upbeat economic data from the US and global decline in recession risk.

Sensex’s stock benchmark was down more than 200 points in early trading on Monday, tracking losses from index heavyweights Infosys, TCS and HUL amid a generally negative trend in global markets.

In addition, the weak rupee against major competitors undermined sentiment in the domestic stock market, traders said.

The 30-stock BSE Index traded 203.71 points, or 0.33% lower, to 60,638.17 points in initial trades. Similarly, the broader NSE Nifty fell 64.05 points, or 0.36%, to 17,790.

Infosys was the loss leader in the Sensex package, shedding 1.31%, followed by HUL, Sun Pharma, Nestle India, HCL Tech, Kotak Bank and TCS.

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On the other hand, the winners were Axis Bank, SBI, ITC, L&T, IndusInd Bank, Tata Motors, Bajaj Finserv and HDFC Bank.

On Friday, Sensex rose 909.64 points, or 1.52%, to 60,841.88 points, while Nifty rose 243.65 points, or 1.38%, to 17,854.05 points.

In Asia, stocks in Hong Kong, Shanghai and Seoul traded with losses in the middle of the session, while the Tokyo market was in positive territory on Monday.

Wall Street finished Friday lower.

Meanwhile, international benchmark Brent rose 0.25% to $80.14 a barrel.

According to stock data, Foreign Institutional Investors (FII) were net sellers in the capital markets as they sold Rs 932.44 crore worth of shares on Friday.

Meanwhile, Asian stocks fell on Monday after a series of upbeat economic data from the US reduced the risk of recession worldwide but also suggested that interest rates would need to rise further and stay high for longer, Reuters news agency reported.

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The dollar extended its rally against the yen to a three-week high of 132.60 on Monday amid reports that the Japanese government has offered the position of central bank governor to incumbent deputy Masayoshi Amamiya.

In equity markets, the broadest MSCI Asia Pacific equity index outside of Japan fell 1.5%, while in South Korea it fell 0.6%. Chinese blue chips lost 1.0%.

The Japanese Nikkei added 1.1%, encouraged by the Bank of Japan’s hopes for policy easing.

S&P 500 and Nasdaq futures tumbled 0.2% as a brilliant January payroll report forced investors to weigh the risk of more raises from the Federal Reserve and less chance of year-end cuts.

(According to PTI)

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