Sensex, Nifty cautious ahead of US Fed meet

Sensex, Nifty cautious ahead of US Fed meet

Andrew Cummings
March 21, 2018

The gauge, however, turned positive to trade 42.34 points, or 0.13 percent, higher at 32,965.46. The index had lost 994.82 points in the previous five sessions on worries over widening current account deficit and possible US Fed rate hike. Intra-day, it hit a low of 10,049.10. The NSE Nifty also opened 45.15 points, or 0.44%, lower at 10,049.10. PSU banks, metal and real estate stocks, down around 1-2 per cent, weighed on the indices.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 292.23 crore on Monday, while domestic institutional investors (DIIs) sold shares worth Rs 191.52 crore, showed a provisional data revealed by the stock exchanges. Shares in Infosys rose 1.6 percent, while Tech Mahindra advanced 3.9 percent. Among pharma stocks, Cipla fell 4.7 per cent. Dr Reddy's Laboratories was trading 0.4 per cent lower. However, Telecom major Bharti Airtel surged 4.04 per cent.

Losses in ONGC, ICICI Bank, Yes Bank, RIL, HDFC Bank, Kotak Mahindra Bank, Coal India, NTPC, M&M, IndusInd Bank and ITC capped the gains.

Investors stayed cautious as they braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.

In other Asian markets, Hong Kong's Hang Seng fell 0.72 percent while Japan's Nikkei shed 0.09 percent.

Shanghai dropped 0.3 percent, Singapore gave up 0.2 percent and Seoul retreated 0.4 percent, with Wellington, Manila, Taipei and Jakarta all sharply down. London's FTSE too was up 0.37%.

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