At 09:30 IST, the barometer index, the S&P BSE Sensex, tumbled 646.09 points or 0.84% to 76,734.76. The Nifty 50 index declined 190.90 points or 0.81% to 23,240.60.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.32% and the S&P BSE Small-Cap index shed 0.99%.
The market breadth was weak. On the BSE, 749 shares rose and 2,241 shares fell. A total of 137 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 6.65% to 15.91.
Indian Rupee hit a fresh record low against the US dollar on Monday. The currency opened at 86.2250 and touched a fresh all-time low of 86.2200 and is currently trading at 85.5100.
Also Read
Foreign portfolio investors (FPIs) sold shares worth Rs 2,254.68 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,961.92 crore in the Indian equity market on 10 January 2025, provisional data showed.
Economy:
India's foreign exchange reserves fell by $5.7 billion to $634.59 billion for the week ended January 3, data released by the Reserve Bank of India (RBI) on Friday showed.
Foreign currency assets decreased by $6.441 billion to $545.48 billion, the data released on Friday showed.
Gold reserves increased by $824 million to $67.092 billion during the week. The Special Drawing Rights (SDRs) were down by $58 million to $17.815 billion, the RBI said.
Indias reserve position with the IMF was down by $18 million at $4.199 billion in the reporting week, the apex bank data showed.
Stocks in Spotlight:
Just dial tumbled 6.10%. The company reported 42.71% jump in consolidated net profit to Rs 131.31 crore in Q3 FY25 as compared with Rs 92.01 crore in Q3 FY24. Revenue from operations increased 8.41% YoY to Rs 287.33 crore during the quarter.
Avenue Supermarts (Dmart)s slipped 2.29%. The companys consolidated net profit increased 4.8% to Rs 723.72 crore in Q3 FY25 as compared with Rs 690.61 crore inQ3 FY24. Net sales jumped 17.7% YoY to Rs 15,972.55 crore during the quarter.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 2.32% to 6.926 as compared with previous close 6.770.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.2750, compared with its close of 86.0400 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement rose 0.06% to Rs 78,471.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.22% to 109.90.
The United States 10-year bond yield shed 0.23% to 4.763.
In the commodities market, Brent crude for March 2025 settlement added $1.21 or 1.52% to $80.97 a barrel.
Global Markets:
U.S. stock futures point to a negative open Monday, with the Dow Jones Industrial Average futures down 50 points.
Asian stocks traded lower on Monday, following a strong US jobs report on Friday that fueled concerns about persistent inflation. This led to a rise in US Treasury yields and boosted the dollar. Brent crude oil prices surged to their highest level in over four months, exceeding $81 per barrel, amid renewed US sanctions against Russia.
Chinas exports and imports in December beat expectations by a significant margin. Exports rose 10.7% from a year earlier, beating Reuters expectations of a 7.3% year-on-year growth. The countrys imports in December unexpectedly rose 1%, compared with Reuters estimates of a 1.5% decline.
The robust job data reinforced expectations that the Federal Reserve will maintain its current interest rate stance. Investors are now keenly awaiting key US inflation data this week, including the Consumer Price Index (CPI) report on Wednesday, the New York Fed's one-year inflation expectations on Monday, producer prices on Tuesday, and jobless claims on Thursday.
The US stock market closed lower on Friday after the strong jobs report reignited inflation fears. The Dow Jones Industrial Average plunged 1.63%, the S&P 500 declined 1.54%, and the Nasdaq Composite fell 1.63%.
Nvidia shares dropped 3%, while Advanced Micro Devices stock price fell 4.76% and Apple share price declined 2.41%. Constellation Energy stock jumped 25.16%, while Constellation Brands tanked 17.09%. Walgreens Boots Alliance stock price soared 27.55%.
The Labor Department reported that US nonfarm payrolls increased by 256,000 jobs in December, the largest increase since March. The unemployment rate fell to 4.1%.
Investors are now turning their attention to the upcoming fourth-quarter earnings season, which begins this week with several major Wall Street banks reporting their results.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content