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  Business   Market  04 Oct 2022  Bears return amidst weak global cues

Bears return amidst weak global cues

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Oct 4, 2022, 9:50 am IST
Updated : Oct 4, 2022, 9:50 am IST

The rupee fell to 81.89 per US dollar on Monday which seem to have aggravated bearish sentiments in the market

The Sensex lost 1.11 per cent or 638.11 points to close at 56788.81 while the Nifty-50 closed at 16887.35 down by 1.21 per cent or 207 points. The broader market also fell with BSE Mid-cap Index down by 1.24 per cent. — PTI File Image
 The Sensex lost 1.11 per cent or 638.11 points to close at 56788.81 while the Nifty-50 closed at 16887.35 down by 1.21 per cent or 207 points. The broader market also fell with BSE Mid-cap Index down by 1.24 per cent. — PTI File Image

Mumbai: The market continued its down move tracking weak global cues and a weaker rupee after a one-day reprieve on Friday.

The Sensex lost 1.11 per cent or 638.11 points to close at 56788.81 while the Nifty-50 closed at 16887.35 down by 1.21 per cent or 207 points. The broader market also fell with BSE Mid-cap Index down by 1.24 per cent.

The rupee fell to 81.89 per US dollar on Monday which seem to have aggravated bearish sentiments in the market towards the session close as a spike in crude oil price meant a double whammy for India as a major crude oil importer.

India's 10-year government bond yield rose sharply by 0.97 per cent to 7.47 per cent.
Foreign portfolio investors turned net buyers on the first trading day of October after heavy selling in the last 10 days. FPIs were net buyers by Rs 590.58 crore while the domestic institutions booked profit worth Rs 423.16 crore.

Major Asian stock market indices fell with Hong Kong's Hang Seng down 0.82 per cent, Taiwan's T Sec 50 down 0.92 per cent and Australia's ASX down 0.33 per cent, though Japan's Nikkei gained 1,07 per cent.  "Asian markets fell as inflation and interest-rate worries lingered, and oil prices spiked on speculation over Opec+ nations cutting production substantially this week," said an analyst.

Brent crude oil traded 4.89 per cent up at $89.30 per barrel at 19.30 IST.

Tags: market downward trend, weak rupee