The share market tumbled in early trade today, after an unexpectedly strong US jobs report dampened expectations of early interest rate cuts by the Federal Reserve, while worries over slowing earnings continued to persist.
The Nifty 50 fell 1.01% to 23,195.4 points as of 9:15 am, while the BSE Sensex shed 0.97% to 76,629.9.
From the 30-share blue-chip pack, Asian Paints, Zomato, Mahindra & Mahindra, HDFC Bank, Bajaj Finance, Asian Paints, Kotak Mahindra Bank and Tata Steel were the major laggards.
Meanwhile, rupee weakened 5 paise to open at record low of 86.20 against the US Dollar at open.
A record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure, forex traders said.
On Friday, the rupee declined 18 paise to settle at 86.04 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.22 per cent to its over two-year-high level of 109.72. The 10-year US bond yields remained elevated touching its October 2023 level at 4.76 per cent.
Brent crude, the global oil benchmark, surged 1.44 per cent to USD 80.91 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex was trading 550.49 points, or 0.71 per cent, lower at 76,828.42 points, while the Nifty was down 182.45 points, or 0.78 per cent, at 23,249.05 points.
Foreign institutional investors (FIIs) offloaded Rs 2,254.68 crore in the capital markets on a net basis on Friday, according to exchange data.
