In the coming days, several significant data releases and events may impact market direction. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices plummeted in trade on Monday. BSE Sensex ended the day at 81,050.00, down 638 points or 0.78%. Nifty50 was at 24,795.75, down 219 points or 0.87%. This marks the sixth consecutive day of losses for both indices, with each shedding approximately 0.8% of their value during the session.
According to provisional exchange data, foreign investors have withdrawn close to $5 billion from Indian equities over the past five trading sessions.Concurrently, oil prices have surged to their highest levels since August, further contributing to the market’s downturn.
Despite the turmoil in the stock market and the pressure from equity-related outflows, the Indian rupee managed to hold its ground against the U.S. dollar on Monday.
The rupee closed at 83.9775, virtually unchanged from its previous close of 83.9725.
Traders attributed the currency’s resilience to the Reserve Bank of India’s firm control over the rupee, which effectively limited potential losses and prevented it from following the downward trend of its regional counterparts.
Last week, after three straight weeks of gains, domestic markets experienced a sharp decline of 4.5%, primarily due to negative global sentiment. Escalating tensions in the Middle East drove the bearish outlook, causing crude prices to rise amid concerns over potential supply disruptions.
In the coming days, several significant data releases and events may impact market direction. Investors will be closely monitoring the geopolitical situation and its effect on crude prices.
“A decisive move below 25,000-24,950 levels could open the next downside of 24500 in the near term. Immediate resistance to be watched around 25,300,” said Nagaraj Shetti of HDFC Securities.
Meanwhile, stocks in emerging Asian markets experienced gains on Monday, following a robust U.S. jobs report that surpassed expectations and bolstered confidence in the resilience of the American economy, suggesting a potential soft landing. However, currencies across the region faced weakening pressures. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.3%, with Taipei stocks leading the gains in Southeast Asia, surging 1.8%.
Closely trailing Taipei were equities in Manila, which climbed 1.7% after reaching their highest level in over four-and-a-half years earlier in the session. The strong performance of the U.S. labor market, as indicated by the jobs report released on Friday, signaled a resilient economy and prompted markets to reassess their expectations for significant Federal Reserve rate cuts.
As a result of the report, the likelihood of a substantial 50-basis-point reduction at the Fed’s November policy meeting, which had been above 50% just a week prior, was completely eliminated. The data has led investors to recalibrate their projections for the path of monetary policy in the coming months.