Stock markets got off to a bad start for the week, with the 30-share Bombay Stock exchange Sensex falling 264 points or 1.5% as Friday’s weak US employment data and China’s faster-than-expected inflation hurt risk appetite.
“Negative opening in the Asian markets led to the fall in Sensex as investors were worried about the weak US employment data,” said Sunil Jain of Nirmal Bang Securities. “The upcoming Infosys result, inflation data and RBI monetary policy review will determine the course of markets in the days to come.”
Infosys is slated to declare its quarterly result on Friday. RBI will review the monetary policy on April 17.
The 50-stock National Stock Exchange Nifty plunged 88.50 points or 1.7% to 5,234 on Monday. Overall, 12 of the 13 sectoral indices closed with losses of up to 3.44%. Only healthcare closed with moderate gains.
Among the sectoral indices, metals fell 3.4%, followed capital goods (3% down), power (2.5%), PSU (2%) and bankex 1.8%. The market was broadly negative with 1,640 stocks ending in the red, and just 1,179 finishing positive on Monday.