Markets kick off the October series on a weak note with Nifty and Sensex splashed with losses in the morning trade on Friday. Nifty fell below the 17500 mark with losses across sectors following a 550 drop in the US markets overnight.
Metals were leading the losses on the street along with banks and autos. Hindalco, Maruti, Bajaj Finserv, HDFC Bank and Adani Ports were the top index losers.
On the other hand, oil and gas stocks were moving higher in line with rising crude and energy prices globally.
The factors at play for the downfall after relentless exuberance is largely fatigue and global cues. Wall Street wrapped up its worst month of the year on a sour note. Dow Jones Industrial Average dropped nearly 550 points on Thursday to end the month down 4.3% marking it's worst month in 2021.
The S&P 500 finished September down 4.8% for its worst month since March 2020, when the pandemic caused a major market sell-off. The index also closed 5% below its record high for the first time this year.