Sensex tanks 600 pts, Nifty below 23,250; all sectors in the red

Sensex and Nifty opened significantly lower on Monday after a stronger-than-anticipated U.S. jobs report diminished expectations for early interest rate cuts by the Federal Reserve.

Indian blue-chip indices, the Sensex and Nifty, opened Monday much down as expectations of an early Federal Reserve interest rate cut were dampened by a better-than-expected U.S. jobs data. Additionally, concerns about declining profitability affected market mood. The BSE Sensex fell 654 points, or 0.85%, to 76,714 at 9:21 a.m., while the Nifty50 down 193 points, or 0.82%, to 23,238.

The total market capitalisation of all listed companies on the BSE fell by Rs 4.53 lakh crore to Rs 225.14 lakh crore. All major sectoral indices traded lower, with broader, domestically focused small-cap and mid-cap indices dropping around 1.4% each at the open.

Among the 30 Sensex stocks, Zomato Ltd fell the most by 2.86%, trading at ₹236.05. This was followed by Mahindra & Mahindra Ltd, which fell 2.13%, trading at ₹3,026.05, and Power Grid Corporation of India Ltd, which fell 2.07%, trading at ₹293.60.

Only 2 Sensex stocks were in the green. These included IndusInd Bank Ltd which rose by 2.05%, trading at ₹956.80 and Axis Bank Ltd which was up by 0.44%, trading at ₹1,045.40.

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The domestic market witnessed a broad selloff as mid and small-cap segments also suffered losses.

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