June 22, 2018

Sensex, Nifty cautious ahead of US Fed meet

21 March 2018, 08:01 | Lorenzo Hawkins

Sensex closes below 33000, Nifty50 sheds 100 points on fifth straight day of losses

Sensex dives 510 pts on growing political worries

The market traded largely mute rest of the week sessions confined by subdued global peers due to escalating geopolitics worries after U.S. levied tax on steel and aluminium imports and planned to impose sweeping tariffs on Chinese imports, while the USA challenging India's export subsidy schemes at the WTO fanned investor uncertainty.

The wider Nifty50 of the National Stock Exchange (NSE) fell below the 10,100-mark to provisionally close at 10,094.20 points - down 100.95 points or 0.99 per cent from its previous session's close. At 10.50 a.m, the Sensex was trading up 102.51 points or 0.31% at 33,025.63 with 21 components gaining.

Among secondary barometers, the BSE Mid-Cap index was up 0.11%.

Global cues too were weak as investors moved cautiously before the US Federal Reserve meeting, that is likely to raise US interest rates.

"When you look at the data, it's relentless selling by foreign investors".

"Market continues to drag under global market volatility ahead of the FOMC meet tomorrow, where consensus hints at a 25bps rate hike".

Foreign portfolio investors had sold shares worth Rs 705.40 crore on net basis on Thursday. In the broader market, the BSE mid-cap index fell by 1.07 per cent while the small-cap index shed 1 per cent. All the sectoral indices led by metal, oil & gas, energy, PSU, power and banking ended in the negative zone with losses of up to 2.30 per cent. Other gainers were Sun Pharma, Dr Reddy's, Adani Ports, HDFC Ltd, L&T, Tata Motors, Bajaj Auto, Asian Paints, SBI, Power Grid, HUL, Axis Bank, Maruti Suzuki and Hero MotoCorp, rising up to 2.20%.

Globally, there was a mixed trend in Asia coupled with a higher opening in European markets as participants braced for new Federal Reserve chairman Powell's first policy meeting.

In the Asian region, Shanghai Composite Index was up 0.35% and Hong Kong's Hang Seng rose 0.11%, while Japan's Nikkei ended 0.47% lower.

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