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The rupee hit a record low of 82.6825, before easing to last trade at 82.38. It is now only marginally lower from 82.32 in the previous session. The rupee went from less than 82.60 to above 82.40 in the space of less than ten minutes.

Indian market opened lower by over a per cent on Monday tracking weak global cues. The S&P BSE Sensex fell more than 700 points while the Nifty50 breached 17,200 levels on the downside in the first 15-minutes of trade.

A total of 168,238 shares changed hands on the counter till 10:15AM (IST)

Bharat Forge Ltd. key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, Wind Mills for the year ending 31-Mar-2022.

The Nifty50 is expected to face short-term turbulence as investors have become cautious of further aggressive rate hikes by the US Fed after the release of US Job data last Friday.

“The paradoxical construct of good economic news turning out to be bad news for markets played out again last Friday in the US. The surprisingly low US unemployment rate at 3.5 per cent implies that the Fed will have to continue raising interest rates longer than the markets had discounted,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 473316.78 Crore).

Management commentary on outlook on the growth environment would be a key thing to watch out for. Motilal Oswal expects strong demand commentary to continue. Investors would also be tracking the impact of a slowdown in Europe and the BFSI segment, besides client spend trends in the wake of recessionary fears.

Dealers said that the markets would be watching for minutes of the Federal Reserve Open Markets Committee Meeting on which will be released on Wednesday. The US government will also release data on consumer prices on Wednesday.

The counter is witnessing a breakout from a long consolidation and a triangle pattern formation on the daily timeframe. The overall structure is remunerative as it trades above its all-important moving averages.