Indian markets open lower due to weak global cues, FII outflows and rupee
- Sensex opened 171 points down at 57,819 while Nifty50 was 41 points lower at 17,183.
- Outflows by foreign institutional investors (FIIs), falling rupee and volatile crude oil prices are building up pressure in the markets.
- So far in October, FIIs have already sold ₹2,806 crore including equity, debt and hybrid assets while they sold ₹1.75 lakh crore until now, in 2022.
AdvertisementIndian benchmark indices opened on a weak note following Asian markets that are worried about a possible US recession on account of aggressive monetary policy decisions.
Sensex opened 171 points down at 57,819 while Nifty50 was 41 points lower at 17,183.
Outflows by foreign institutional investors (FIIs), falling rupee and volatile crude oil prices too are building up pressure in the market.
So far in October, FIIs have already sold ₹2,806 crore including equity, debt and hybrid assets while they sold ₹1.75 lakh crore in 2022, until now.
Meanwhile, the rupee remained above 82 levels against the US dollar on expectations of aggressive monetary policy tightening by central banks and rising crude oil prices.
Brent crude oil prices remained steady above $96 per barrel after OPEC’s biggest supply cut since Covid pandemic of 2020.
On the domestic front, earnings season started with TCS releasing its results on October 10. Shares of IT major TCS today fell a little by 0.25% even after its net profit rose 10%, sequentially.
It’s however important to note that the stock had already factored in positive growth ahead of the results announcement, as it gained over 1% on October 10.
TCS’s profit in September quarter has crossed ₹10,000 crore mark for the first time. It reported a 10% sequential growth in net profit to ₹10,431 crore from ₹9,478 crore in April-June.
Taking cues from the strong quarter by IT giant TCS, shares of most IT companies were trading in green except TCS and Tech Mahindra.
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