Sensex Tanks 1,200 pts At Open, Nifty Below 17,200; Key Points

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Sensex Today: Indian benchmark indices had a gap down opening on Monday morning after the US Federal Reserve Jerome Powell’s hawkish stance at the Jackson Hole meet dampened global sentiments. At 09:16 IST, the Sensex was down 1,210.62 points or 2.06 per cent at 57623.25, and the Nifty was down 361.50 points or 2.06 per cent at 17197.40.

Broader markets, too, declined in tandem as Nifty Smallcap 100 and Nifty Midcap 100 dropped over 2 per cent.

All sectors drowned in sea of red with Nifty IT, Nifty PSU Bank, Nifty Realty indices battered in trade.

Among individual stocks, shares of Reliance Industries slipped nearly 1 per cent ahead of their 45th Annual General Meeting.

Rupee Opens:

Indian rupee opened 16 paise lower at 80.03 per dollar on Monday versus Friday’s close of 79.87. It is trading at a record low and it is back above 80 for the first time since July 21.

Global Cues

Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations.

Tokyo stocks opened lower Monday after US Federal Reserve Chair Jerome Powell declared his commitment to rate hikes to fight inflation. The benchmark Nikkei 225 index tumbled 1.69 per cent, or 484.75 points, to 28,156.63, while the broader Topix index slipped 1.62 per cent, or 31.59 points, to 1,948.00.

Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell’s signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors.

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