Sensex, Nifty Close Lower After Volatile Session Ahead Of U.S. Fed Meet
India's stock benchmarks closed lower after fluctuating between gains and losses in a volatile session as losses in banking and fmcg stocks offset the gains in information technology, realty, metal, media and auto stocks. Focus now shifts to the U.S. Federal Reserve meeting outcome due later today, as investors look for a potential timeline for tapering stimulus.
The Sensex fell 0.13% to 58,927.33. The Nifty 50 declined by a similar magnitude to 17,546.65. HDFC Bank Ltd. contributed the most to the index decline, decreasing 1.2%. Housing Development Finance Corp. had the largest drop, falling 1.4%. Today, 22 of 50 shares fell, while 28 rose.
The broader indices outperformed its larger peers with the S&P BSE MidCap adding 1.5% and S&P BSE SmallCap gaining over 1%. Fourteen out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty index adding over 8%.
The market breadth was skewed in favour of bulls. About 2,101 stocks advanced, 1,137 declined and 165 remained unchanged.
Movie Hall Operators Rise On Reports That Maharashtra May Soon Allow Business
Indian movie hall operators Inox Leisure and PVR surged after a media report said western state of Maharashtra may soon allow them to resume operations.
Maharashtra state officials are preparing rules for opening cinema halls from Oct. 1, news service Redbox India reported without citing where it got information
Inox Leisure traded 12% higher as of 3.16 p.m. in Mumbai; it rose as much as 19% earlier in the day.
Inox’s larger rival PVR was up 3.5% after gaining 8.2% earlier in the session.
Phoenix Mills, which operates shopping malls that also house movie multiplexes, was up 7.5%
IT & IT-Enabled Services Emerging As A Major Sector Driving Growth: RBI Governor
In a post-pandemic world, India's economic prospects are underpinned by seven sectors
IT and IT-enabled services have emerged as a major sector driving economic growth
India has emerged as a major hub for start-up ecosystem, with a large number of unicorns
India's digital momentum is another area of growth
Drive toward full liberalization of economy, has to go hand in hand with development of data storage centers
E-commerce is coming up as another key sector for India
Source: Shaktikanta Das, Governor, RBI At AIMA National Management Convention
Focus Shifts To U.S. Federal Reserve Meeting Outcome As Investors Await Cues On Taper Timeline
The U.S. Federal Reserve is expected to hold interest rates near zero while sharing a possible timeline of tapering of the stimulus.
The Federal Reserve Chairman Jerome Powell could declare that substantial further progress in the labour market and inflation, has been met.
Here's a quick read summarising the options before the Fed and the potential implications for markets.
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- KPIT Tech Approves Acquisition Of Future Mobility Solutions
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- Nucleus Software To Consider Proposal For The Buyback Of Equity Shares On Friday