BSE: In volatile matters, the BSE Sensex closed on Tuesday with a slight drop of 29 points. Investors became cautious ahead of the Federal Reserve’s monetary policy review due to be released on Wednesday. According to traders, capital withdrawals by foreign institutional investors and higher crude oil prices also impacted investor sentiment.
The 30-stock BSE Sensex closed at 66,355.71, down 29.07 points or 0.04 percent in volatile trading. During trading, it rose to 66,559.29 points high and fell to 66,177.62 points low. On the other hand, the National Stock Exchange’s Nifty closed at 19,680.60 with a slight gain of 8.25 points, or 0.04 percent. It remained within the range of 19,729.35 to 19,615.95 points during operation.
Vinod Nair, Head of Research, Geojit Financial Services, said that prior to the announcement of the Federal Reserve’s monetary policy, the domestic stock market remained in a narrow range. Metal stocks gained on China’s commitment to a policy of support for the real estate sector. Utility stocks strengthened on hopes for better operating margins.
Nair said the stock market fell in the last 2 sessions after both benchmark indices (Sensex and Nifty) hit record highs. The reason for this is that the quarterly financial results of some large companies are not as expected, the withdrawal of foreign institutional investors and the strengthening of the dollar.
JSW Steel, Tata Steel, NTPC and UltraTech Cement were big winners in the Sensex package. This contained a speed of no less than 3.33 percent. On the other hand, Asian Paints, ITC, L&T and SBI were among the losers. There was a decrease to 3.95 percent. The BSE Midcap index gained 0.39 percent and the Smallcap index gained 0.31 percent.
Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said the Nifty remained under pressure for a third straight day. It eventually came out at 19,681 with a slight gain. Sectorally, there was a mixed trend. Purchases were made in metals, vehicles and consumer durables.
He said we estimate the market will remain cautious ahead of the Federal Reserve’s monetary policy review. There is a chance that the Federal Reserve will raise the policy rate by 0.25 percent during the monetary policy review on Wednesday. In other Asian markets, Hong Kong’s Hangseng and China’s Shanghai Composite continued to be strong, while Japan’s Nikkei posted losses.
Major markets in Europe rose during early trading. US markets were generally up on Monday. Meanwhile, the global oil benchmark Brent crude traded 0.18 percent lower at $82.59 a barrel. Foreign institutional investors (FIIs) continued to be sellers on Monday, according to stock market data. He sold shares worth Rs 82.96 crore. (Language)
Edited by: Ravindra Gupta