Sensex Plunges 200 Points at Open, Nifty Tests 22,550
Mumbai: The Indian stock market witnessed a lackluster start to the week, with the Sensex opening at 200 points lower on Monday. The broader Nifty index also declined, slipping below the 22,550 mark.
At the opening bell, the Sensex stood at 60,320.75, down 204.34 points or 0.34%. Similarly, the Nifty index lost 58.70 points or 0.26% to open at 22,544.80.
The market sentiment was dampened by weak global cues and concerns over the impact of rising interest rates on economic growth. Major Asian markets were trading lower, while US stock futures pointed to a negative opening on Wall Street.
Among the sectoral indices, the Nifty Metals index lost the most, shedding over 1.5%. IT, Consumer Durables, and Auto indices also traded in the red. However, the Nifty Media and FMCG indices showed some resilience.
Individual stocks witnessing significant declines included Tata Steel, which plunged over 3%, followed by Hindalco Industries, Cipla, and HCL Technologies. On the other hand, Infosys and Hindustan Unilever gained in early trading.
Market analysts believe that the volatility in the market is likely to continue in the near term, with investors closely monitoring global economic developments and the trajectory of interest rates.
