Guwahati: The Indian markets on Monday were trading in the red during morning trade following weak global”>global market cues. The S&P BSE Sensex index was down 721 points to 57,470.29, while the Nifty50 was down 17 points at 17,314.65 at 9.21 IST on Monday.
Paytm, Starhealth, and Ambuja Cements were a few of the stocks trading in the green. On the 30-share index, the laggards were Bajaj Finance, Adani Ports, Asian Paints, and HDFC Bank. While BSE IT was down 320 points, BSE Bankex increased 1.38 percent to 44,265.64. BSE Midcap fell 300 points in the overall market, while BSE Smallcap down 212 points to 28,970. Nifty Financial Services fell 0.24 percent in the morning, while Nifty Bank dropped 104 points to a level of 39,178.
The US labour market is slowing down, but a sudden reduction in the unemployment rate has raised hopes that the Federal Reserve would keep tightening monetary policy aggressively. Other central banks would be influenced to do the same if the US tightened its monetary policies. The majority of the global indices, including the S&P 500, Dow Jones, and Nasdaq, were trading down in the morning.
On the domestic front, investors are, however, adopting a wait-and-see approach and anticipating company earnings for the second quarter (July-September) of the fiscal year 2022-2023. Investors are also relying on holidays like Diwali and others, when shopping and sales soar and the value of precious metals rises.
The IT industry leader TCS will release its financial results on Monday at the start of the second quarter releases. On Thursday, Infosys, another significant IT company, will also report its earnings. For the second quarter of FY23, Infosys is anticipated to record a 4% quarter-over-quarter increase in sales in constant currency, according to Jefferies.
The Sensex ended the day in the negative after two straight sessions of the surge. The Nifty50 index on the NSE closed at 17,314.65 points on Friday, a decrease of 17.15 points (or 0.1%) from the previous day’s close of 17,331.80 points.