Sensex slides 1% on weak global cues

Rupee weakens by 42 paisa

October 03, 2022 07:59 pm | Updated 07:59 pm IST - Mumbai

As demand slowed, India’s manufacturing PMI declined slightly to 55.1 in September. As a result, all the key sectors were pressured by selling, except pharma and oil stocks, says Vinod Nair, Head, Research, Geojit Financial Services.

As demand slowed, India’s manufacturing PMI declined slightly to 55.1 in September. As a result, all the key sectors were pressured by selling, except pharma and oil stocks, says Vinod Nair, Head, Research, Geojit Financial Services. | Photo Credit: -

Benchmark stock indices slid by more than 1% on Monday tracking weak global cues. The S&P BSE Sensex fell 638.11 points, or 1.11%, to 56,788.81 points. The Sensex stocks which lost most include Maruti (3.16%), HUL (2.77%), IndusInd Bank (2.55%), ITC (2.32%) and Bajaj Finance (2.26%). The NSE Nifty-50 index too fell 207 points, or 1.21%, to 16,887.35 points.

 “Global markets are expected to stay under pressure due to the confluence of an unfavourable economic outlook and investor risk aversion,”  said Vinod Nair, Head, Research, Geojit Financial Services.

“As demand slowed, India’s manufacturing PMI declined slightly to 55.1 in September. As a result, all the key sectors were pressured by selling, except pharma and oil stocks,” he added.

The Indian rupee also depreciated 42 paisa to close at 81.82 against the U.S. Dollar as compared with its previous close of 81.40. 

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