Market swings: Oil drops, Rupee falls

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Sensex slips 86 pts, Nifty ends below 16,250; TCS, Airtel tank, Tata Steel gains:   Oil drops:   Rupee down.

 Indian indices on Monday began the new week on a negative note amid muted global sentiments. Losses in market heavyweights Bharti Airtel, TCS, HCL, and Infosys dragged the indices down. Market Closing: Indian indices on Monday closed lower amid weak Asian trends. Late-session buying saw the indices trying to recover some of the intra-day losses, but failed to make much headway. Rupee fell 20 paise to close at 79.46 (provisional) against US dollar.

Indian indices fell on Monday, as IT services major Tata Consultancy Services dragged down technology companies after posting weak results last week, while the rupee hit another record low. Asian markets and oil prices fell Monday with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. Shares rose in Japan, while it fell in Australia, Hong Kong, South Korea, and Shanghai.

Indian indices ended in the red on Monday dragged down by major tech stocks amid weak global market trends. The Sensex lost 86.61 points, or 0.16%, to close at 54,395.23, while Nifty50 declined 4.60 points to end at 16,216.00. Sectorally, Power, banks, energy, and metals performed well, while IT stocks tumbled. On the 30-stock index, Tata Steel, DRL, and M&M were the top performers, while Bharti Airtel, TCS, and HCL were among the biggest losers.

On the Nifty50 index, Eicher Motors, ONGC and Tata Steel posted the biggest gains, while Bharti Airtel, TCS, HCL, and Infosys were the biggest laggards.

Oil drops on China COVID worries::Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a concern that outweighed ongoing concerns about tight supply.

Brent crude futures fell $1.29, or 1.2%, to $105.73 at 0900 GMT, after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures declined by $1.78, or 1.7%, to $103.01, paring a 2% gain from Friday.

The market was rattled by news that China had discovered its first case of a highly transmissible Omicron subvariant in Shanghai and that new cases had jumped to 63 in the country’s largest city from 52 a day earlier.

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