Sensex, Nifty Retreat On Weak Global Cues, Oil Price Rally
(RTTNews) - Indian shares fell sharply on Monday, tracking weak global cues as investors fretted about the impact of high inflation and aggressive policy tightening on global growth. A weakening rupee, rallying oil prices and disappointing manufacturing data closer home also dented sentiment.
Both Brent and WTI crude futures jumped over 4 percent today amid talk of OPEC+ members discussing about an oil output cut at the group's next meeting on Oct. 5.
India's manufacturing sector growth slowed moderately in September; survey data published by S&P Global showed with the corresponding index declining to 55.1 from 56.2 in August.
The benchmark S&P BSE Sensex fell 638.11 points, or 1.11 percent, to 56,788.81 while the broader NSE Nifty index ended the session down 207 points, or 1.21 percent, at 16,887.35.
The rupee plunged 49 paise to close at 81.89 (provisional) against the greenback amid weak risk appetite.
Adani Enterprises led losses to close 8.4 percent lower while Maruti Suzuki India, Tata Consumer Products, Adani Ports and Eicher Motors tumbled 3-5 percent.
ONGC soared 4.6 percent, tracking the oil price rally, while Coal India, BPCL, Cipla and Dr Reddy's Laboratories rose 1-2 percent.
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