Recession Fears Drag Markets Down; Sensex fell by 219 points, Nifty by 55 points

Recession Fears Drag Markets Down;  Sensex fell by 219 points, Nifty by 55 points

The Sensex and Nifty50 opened marginally lower on Monday, tracking global markets that remained weak on expectations of continued monetary policy tightening, which could push global economies into recession.

US markets closed lower last week after a University of Michigan survey showed increased expectations for higher inflation.

The benchmark Sensex index fell 219 points to 57,705, while the Nifty50 was 55 points lower at 17,133.

On the domestic front, markets are focused on corporate quarterly earnings announcements. Bajaj Auto, which reported a 20% rise in second-quarter net profit on Friday, is the top earner on the bourses today.

HDFC Bank shares will remain in focus after the lender reported a 20% year-on-year rise in net profit to โ‚น10,605 crore.

Shares of DMart owner Avenue Supermarts are another stock on investors’ radar today as the company reported a 64% jump in its consolidated net profit to โ‚น685 crore in the second quarter.

Moreover, after the government raised a surprise tax on Saturday, oil and gas stocks will also be in the spotlight today. Sector indices such as metals, real estate, oil and gas were the biggest losers on the stock exchanges.

ACC, PVR, Bank of Maharashtra, Tata Coffee, Can Fin Homes are among the companies that announced their July-September results today.

The rupee continued to fall but remained above $82 a barrel amid rising oil prices.

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