Asian share markets plunged today after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.

The Nikkei fell by 0.7% while the Hang Seng was down 2.5%. The Shanghai Composite is trading lower by 0.7%.

Wall Street fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will go ahead with an interest rate hiking campaign, which many fear will push the US economy into a recession.

The Dow Jones fell by 2.1% while the tech heavy Nasdaq ended lower by 3.8%.

Sectoral indices are trading on a negative note. Stocks in the banking sector and FMCG sector witness heavy selling.

Among the best banking stocks in India, HDFC Bank and ICICI Bank are trading over 1% lower.

Shares of Phoenix Mills and Tata Chemicals hit their 52-week high today.

In the commodity markets, gold prices trade lower. Today, gold prices are trading lower by Rs 600 at Rs 51,360 per 10 grams.

Meanwhile, silver prices are trading lower by Rs 1,410 at Rs 59,375 per 1 kg.

The rupee is trading at 82.4 against the US dollar. After touching record low last week, the rupee is once again back to hitting new lows today. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

Majority of investors have stayed away from global markets and rightly so. Soaring inflation, rising interest rates, declining consumer spending, and the fear of US economy dipping into a recession have extremely affected sentiment. It's no wonder investors don't want to touch global stocks.

However, there are mixed views. Some have completely shied away global stocks while many are planning to invest in global markets.

Before you invest, check out this editorial which discusses what the selloff in global markets teaches us about investing.

In news from the FMCG sector, Hindustan Unilever (HUL) and Godrej Consumer Products (GCPL) announce price cut.

HUL and GPCL have cut prices of some soap brands by up to 15% amid palm oil and other raw materials turning relatively cheaper.

HUL has reduced prices of its offerings under popular soap brands Lifebuoy and Lux by 5 to 11% in the western region.

Godrej Group arm GCPL, which owns soap brand Godrej No 1, has also reduced prices of soaps by 13 to 15%.

Analysts opine that the reduction in prices would help drive growth in volumes in the second half of current fiscal year, especially since overall demand remains sluggish due to high inflation.

One of the reasons for the price reduction is the decline in global prices of palm oil and other raw materials.

However, according to reports, prices of these soap brands have been reduced by 5-11%.

FMCG companies continued to face challenges of high retail inflation and slowdown in rural areas in September quarter 2022.

These companies had ramped up production of ''bridge packs'' that are priced between popular entry-level packs and big packs.

HUL and Godrej Consumer are trading 2% lower today.

Speaking of Godrej Consumer, take a look at the chart below to see how it has performed in 2022 so far.

(Click on image to enlarge)

Godrej Consumer share price is falling and has remained under pressure throughout 2022.

Further in news from the IT sector, HCL Technologies to hire more people in Mexico.

Among the largest IT companies in India, HCL Technologies plans to hire 1,300 people in Mexico over the next two years, according to a statement.

The move is expected to strengthen its current employee base of 2,400 people in that country.

HCL Tech outlined its expansion plans in Mexico at its 14-year anniversary celebration at Guadalajara, in Mexico. The IT firm will also be opening its sixth technology centre in Guadalajara.

The new centre will significantly expand its presence to serve its growing local and international client base across industries and will focus on creating next-generation digital solutions.

The company recently announced a digital transformation partnership with Cemex, a global construction materials company and an integrated IT Services partnership with Neoris, a leading global digital accelerator.

To know more, check out HCL Tech's 2021-22 annual report analysis.

Back home, Indian share markets are trading deep in the red.

Benchmark indices had a gap down opening following the trend on SGX Nifty. As the session progressed, losses were extended.

At present, the BSE Sensex is trading lower by 762 points. Meanwhile, the NSE Nifty is trading down by 230 points.

TCS and Power Grid are among the top gainers today. Bajaj Finserv and HDFC Bank are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 1.4% and the BSE Small Cap index is trading lower by 0.9%.

If you are looking for smallcaps, start your search with the fundamentally strong smallcap stocks that offer cushion in this volatile period.

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