Recession fears drag down markets; Sensex down 219 points, Nifty by 55 points

• Sensex was down 219 points to 57,705 while Nifty50 was 55 points lower to 17,133 in early trade.
• Last week, the US markets closed on a negative note after a University of Michigan survey indicated expectations of higher inflation.
• Sectoral indices like metals, realty, oil and gas were the biggest losers on the exchanges.
• Meanwhile, the rupee continued to fall but stayed above $82 per barrel amid rising crude oil prices.

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

The US markets closed the previous week on a negative note after a University of Michigan survey showed increased expectations of higher inflation.

Benchmark index Sensex was down 219 points at 57,705 while Nifty50 was 55 points lower at 17,133.

On the domestic front, markets are focused on the announcements of quarterly earnings of companies. Bajaj Auto which reported a 20% growth in second net profit on Friday, is the top gainer on exchanges today.

Shares of HDFC Bank will remain in focus after the lender reported a 20% on year increase in net profit to ₹10,605 crore.

Shares of DMart owner Avenue Supermarts is another stock in investors' radar today as the company reported 64% rise in its consolidated net profit at ₹685 crore in the second quarter.

Moreover, after the government raised windfall tax on Saturday, oil and gas sectors stocks would be in focus too, today. Sectoral indices like metals, realty, oil and gas were the biggest losers on the exchanges.

ACC, PVR, Bank of Maharashtra, Tata Coffee, Can Fin Homes are among companies to report their July-September quarter results today.

The rupee continued to fall but stayed above 82 mark amid rising crude oil prices.


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