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Nifty 50 opened with a gap down at 17,094.35 due to negative global trends. On Friday, key Wall Street indices fell sharply despite positive job data. This does indicate that the US Fed's policies will be tightened further. As a result, the US economy is expected to enter a recession.

The unemployment rate fell to 3.5 per cent, implying a 75 basis point rate rise for the fourth time in a row. On Friday, the Nasdaq Composite sank 3.8 per cent, the Dow Jones lost 2.11 per cent, and the S&P 500 dropped 2.8 per cent.

Nifty 50 was trading at 17,265.95 at 12:50 p.m., down 48.7 points (0.28 per cent). Broader market indexes perform inconsistently as compared to frontline indices. Nifty Mid Cap 100 index fell 0.71 per cent, while Nifty Small Cap 100 index fell 0.27 per cent.

FIIs were net sellers, while DIIs were net buyers, according to statistics as of October 7. Foreign Institutional Investors (FII) sold shares worth Rs 2,250.77 crore. Domestic Institutional Investors (DII) bought Rs 545.25 crores worth of shares.