Markets may have a bearish mode on Monday trade

New Delhi [India], October 9 (ANI): Experts believe stocks will be still in bearish mode as markets open up on Monday. The Indian equity markets are widely influenced by global cues, and the macro environment and depending on the situation of stock exchanges’ index like Dow Jones, they may continue to fall. The Nifty50 had fallen below the 17,100 mark on Friday.
The Nifty’s support on 17,100 has been breached. The index is near its crucial support level of 16,800-16,700. If this gets broken, another fall is anticipated with further sharp selling in the market, experts said. With the bearish tone prevalent in domestic markets and global market sentiments continuing to deteriorate, this could give bulls a tough fight on Monday’s opening.
Among the global headwinds, the US Federal Reserve looks almost certain to deliver a fourth straight 75-basis point interest rate hike next month. Aggressive rate hikes so far this year also have done little or nothing to cool the US labor market. The central banks across economies went on an aggressive monetary policy.
On Friday, stock markets were volatile with indices in the negative territory during morning trade and swinging rapidly thereafter. Sensex hit a high of 58,269 and low of 57,851 and then it closed at 58,191. It was down 31 points from Thursday’s close.
The Nifty50 ended the day at 17,315, down 17 points or 0.1 per cent from the previous session.
The indices were dragged by energy, IT, FMCG, and financial stocks. Tata Consumer Products, BPCL, SBI, M&M, TCS and Adani Ports were the laggards whereas Maruti, PowerGrid, Grasim, Titan Company and IndusInd Bank were most active and gained during the session.
The Reserve Bank of India (RBI) also intervened on Friday as the central bank likely to have sold dollars through state-run banks.
The rupee declined below 82 to a record low against the dollar with the concerns of US Federal Reserve rate outlook weighing on the traders. The Indian rupee has fallen more than 10.5% during 2022, which is a worrisome rate. This has been the prime concern for the equity markets.
The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the session low of 82.33. (ANI)