Sensex, Nifty Decline For Fourth Session Ahead Of Crucial Fed Meet
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India's stock benchmarks fell for the fourth consecutive session, dragged by losses in information technology, metal and reality stocks, as markets ended at day's low in a volatile session. Focus now shifts to the crucial U.S. Federal Reserve meeting due later today as rapid tapering of monetary stimulus is expected amid elevated inflation levels.
The S&P BSE Sensex fell 0.57% to 57,788.03. The NSE Nifty 50 index also declined by similar magnitude to 17,221.40. This is the fourth consecutive session in which the benchmarks have fallen, equalling the longest losing streak that ended November 22.
Bajaj Finance Ltd. had the largest drop, falling 3.1%. Today, 34 of 50 shares fell, while 16 rose.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap falling 0.6% and S&P BSE SmallCap slipping 0.4%. Barring S&P BSE Auto and S&P BSE Capital Goods, all the other 17 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty shedding nearly 2% and S&P BSE Metal, Teck, Information Technology and Utilities falling over 1%.
The market breadth was neither skewed in the favour of bulls nor bears. About 1,711 stocks advanced, 1,624 declined and 119 remained unchanged.
"The market witnessed profit selling after positive opening and trading in a narrow range with Nifty-50 is down ~0.5%. The negative sentiments from other Asian markets due to renewed concerns about new variant restricted fresh buying. Moreover inflationary pressure in major economies is key concern in recent times", Mitul Shah, Head of Research at Reliance Securities wrote in a note. He added that "markets are anticipating that Federal Reserve policy makers will announce a faster pace of tapering response to rising prices, and will do enough rate hikes to take their main policy rate target to 2.5% by the end of 2024. This week brings a flurry of other central-bank decisions, including Bank of England, the European Central Bank and the Bank of Japan. In addition, markets will be focused on coronavirus headlines".
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