Market Crashes on Day-1 of New Quarter: D-St Snapshot As Investors Lose Wealth

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Market Crashes on Day-1 of New Quarter: D-St Snapshot As Investors Lose Wealth

By Malvika Gurung

Investing.com -- The domestic market failed to hold on to Friday’s stellar rally and ended a weak session lower towards the fag-end part on Monday, tracking unimpressive global cues due to pressure on investor sentiments amid rising interest rates and zooming recessionary concerns.

Indian benchmark equity indices Nifty50 ended 1.21% lower, falling to 16,887 levels, while Sensex tumbled 638.11 points or 1.11%. Weakness across FMGC, metal, banking, financial and auto sectors pulled the market lower, while pharma stocks provided support.

Investors' wealth eroded by Rs 4.5 lakh crore on Dalal Street as the new quarter and holiday-shortened week began on a negative note.

Barring Nifty Pharma , all the sectoral indices under the Nifty umbrella ended the session deep in red, led by Nifty Metal plunging over 3%. Nifty Bank sank 1.56%.

Another factor pulling the domestic market lower was rising crude oil prices. Oil jumped over 4% on Monday after plummeting over 11% last month, on reports that the OPEC+ could cut crude output to control the slide at its meeting on Oct 5.

Further, the Indian rupee remained under pressure in the session and traded at 81.89 against the US dollar.

Only 8 stocks under the Nifty50 index ended the session in the green, led by the state-owned PSU ONGC (NS: ONGC ), up 5%.

Read Also: D-Street Triggers For Holiday-Truncated Week: Macro Data, OPEC+ Meeting & More

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