Benchmark stock indexes opened lower on Monday amid mixed global cues. The BSE Sensex traded 183 points or 0.29% lower at 62,685. In contrast, the Nifty50 traded at 18,650.

“The S&P 500 closed flat after the market unexpectedly overlooked better-than-expected US jobs data for November. This message from the market suggests that the Fed is unlikely to reverse its well-publicised slowdown in tightening,” said Geojit Financial Services investment strategist V K Vijayakumar.

“Markets don’t think terminal rates will go above 5%. In India, despite high valuations, there are signs that this is a higher market. Markets will eagerly await the MPC decision and, more importantly, RBI information. The rally in small and mid-caps could gather momentum,” added Vijayakumar.

Among the Sensex stocks, Tata Steel, ITC, Wipro, IndusInd Bank, Sun Pharma, SBI and ICICI Bank were the top gainers, rising as much as 1%. L&T, Bharti Airtel, Tech Mahindra, UltraTech Cement and Bajaj Finserv also opened higher. However, HUL, HDFC, TCS, Asian Paints, Reliance Nestle, Power Grid and Axis Bank opened with cut prices.

Sector-wise, Nifty Metal rose 0.85%, while Nifty Realty gained 0.73%. In contrast, Nifty FMCG and Nifty IT opened lower. Among the broader market, the Nifty Midcap50 was up 0.12%, and the Smallcap50 was up 0.39%.

US stocks ended mostly lower on Friday amid signs that the US labour market remained strong in November despite the Federal Reserve’s rate hike.

The Indian rupee was up 0.02% at 81.33 against the dollar in early trade on Monday. Meanwhile, the US dollar index, which tracks the greenback against a basket of six major world currencies, fell 0.38% to the 104.14 level.

Brent crude futures for February delivery rose 1.05% to $86.47 per barrel, while US West Texas Intermediate (WTI) crude futures rose 1.1% to $80.84 per barrel.