Home Business Sensex breaks over 750 points on bets of aggressive US rate hike

Sensex breaks over 750 points on bets of aggressive US rate hike

Stock Market India: Sensex, Nifty fall in early trade

Indian equity benchmarks fell on Monday, tracking lower Asian peers and a sell-off in riskier assets after a strong US jobs report on Friday made a case for the Federal Reserve to raise interest rates sharply, and Rising oil prices weighed on the sentiment.

The BSE Sensex ended 825.61 points lower at 57,365.68 and the broader NSE Nifty index fell 249.95 points to 17,064.70 in early trade.

Both benchmarks posted their first weekly gains of four on Friday, up over 1 per cent from the previous week.

The biggest laggards in the 30-share Sensex pack were Asian Paints, HDFC, HDFC Bank, Tata Steel, Nestle and Hindustan Unilever.

Power Grid, on the other hand, was the lone winner.

Equity markets are likely to see a weak start in Monday trading on weak Asian cues following a sharp fall in US markets on Friday. Solid US September jobs report suggests Federal Reserve to aggressively lift interest rates is on track.” Prashant Taapsee, Senior Vice President, Research at Mehta Equities, said before the opening bell.

“Investors are now looking forward to Thursday’s monthly Consumer Price Index report amid fears that higher energy prices could add to inflationary pressures,” he said.

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