Stock market fell in early trade; Sensex fell by about 500 points, Nifty also slipped

New Delhi| The stock market started on the red mark on the first trading day of the week. Sensex fell by 493.84 points to 79,308.95 points in early trade, while Nifty slipped 122.45 points to 24,008.65 points. Meanwhile, the rupee appeared to be recovering from its all-time low. It rose by two paise in early trade to reach 84.58 against the US dollar.

Continuous withdrawal of foreign capital affected market sentiment and domestic stock markets Sensex and Nifty recorded a decline in early trade on Monday. BSE Sensex fell 493.84 points to 79,308.95 in early trade. NSE Nifty slipped 122.45 points to 24,008.65 points. The disappointing macroeconomic data also had an impact on the market.

FIIs were selling on Friday

India’s economic growth slowed to a near two-year low of 5.4 per cent in the July-September quarter of the current fiscal year 2024-25 due to poor performance by manufacturing and mining sectors and weak consumption, according to data released on Friday. Foreign institutional investors (FIIs) were selling on Friday and sold shares worth a net Rs 4,383.55 crore, according to stock market data.

Who benefits, who suffers loss?

Of the 30 Sensex-listed companies, shares of IndusInd Bank, HDFC Bank, Larsen & Toubro, Tata Consultancy Services, Reliance Industries, Bajaj Finance, NTPC and Hindustan Unilever fell the most. Shares of Maruti, UltraTech Cement, Adani Ports and Tata Motors registered gains.

Rupee traded within a limited range

The rupee opened stable in early trade on Monday amid a negative trend in domestic stock markets, climbing just two paise from its all-time low to 84.58 per dollar. Forex traders said the strengthening of the US currency and continued withdrawal of foreign capital further affected investor sentiments. In the interbank foreign exchange market, the rupee opened at 84.59 per dollar and traded in a limited range, reaching 84.58 per dollar, showing an increase of only two paise against the previous closing price. It also reached its all-time low of 84.60 against the US dollar in early trade. The rupee had closed at its all-time low of 84.60 per dollar on Friday.