Scheduled US Federal Reserve policy meeting is one of the factors keeping markets on edge
Scheduled US Federal Reserve policy meeting is one of the factors keeping markets on edge
Equity benchmarks Sensex and Nifty halted their five-day rally on Tuesday and closed deep in the red reflecting weak global markets with losses in index heavyweights Reliance Industries, Infosys and HDFC Bank.
Despite opening with a gain of over 200 points, the 30-share Sensex turned highly volatile and closed 709.17 points or 1.26% lower at 55,776.85. The benchmark index fell 1,067.07 points or 1.88% to 55,418.95 during the day.
The broader NSE Nifty also closed 208.30 points or 1.23% lower at 16,663.
Tata Steel, Tech Mahindra, Kotak Mahindra Bank, Infosys, Reliance Industries Ltd, Axis Bank and HCL Tech were the top gainers in the 30-share Sensex pack.
On the other hand, Mahindra & Mahindra, Maruti Suzuki, Nestle India, Asian Paints and Titan were among the gainers.
Borrowers in Hong Kong and Shanghai eased sharply amid concerns over fresh virus lockdowns. Tokyo was marginally higher.
Exchanges in Europe were trading largely lower in afternoon trade.
Stock exchanges in the United States settled on a mixed note in overnight trading.
The scheduled Federal Reserve policy meeting is also keeping the markets on edge.
“World equity markets lost their momentum as new financial and trade sanctions were imposed on Russia along with the suspension of gas imports. This is a blow to market sentiment, which was improving in anticipation of a conflict in the war. Indian market was outperformed due to softening of commodity prices.
According to Vinod Nair, Head of Research, Geojit Financial Services, “World markets are also lower ahead of the US Fed meeting.”
Meanwhile, international oil benchmark Brent crude fell 6.11% to $100.4 a barrel.
Foreign institutional investors continued their sell-off in the Indian markets as they sold shares worth ₹176.52 crore on a net basis on Monday, according to exchange data.
Retail inflation hit an eight-month high of 6.07% in February, above RBI’s comfort level for the second consecutive month, while wholesale price-based inflation rose to 13.11% as crude oil and non-food items tightened . prices, government data showed on Monday.