Sensex falls 220 points ahead of US Fed speech

Benchmark indices closed lower on Tuesday as FMCG, steel, auto sectors dragged the market. Sensex lost 220.86 points and Nifty 50 lost 43.10 points.

BSE Sensex It closed at 60,286.04, down 220.86 points or 0.37 per cent. It moved in a range of 60,655.14 to 60,063.49 during the day.

nse nifty 50 It closed at 17,721.50, down 43.10 points or 0.24 per cent. The index touched a high of 17,811.15 and a low of 17,652.55 during the session.

Main US stock indexes fell as investors shifted gears after mulling the prospect that the US Federal Reserve could take longer to start cutting rates.

On Sensex, ITC, Sun Pharma, Maruti, M&M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers.

Kotak Bank, IndusInd Bank, Bajaj Finance and Bajaj Finserv, L&T, SBI, TCS and HDFC Bank also closed with gains.

“Sentiments in the domestic market were weighed down by bears who dominated the US market following the release of strong jobs data. Global markets are currently driven by rising bond yields on expectations of central bank policies and higher rate action .. correction was seen in the second half of the day when US futures moved higher as investors await Powell’s speech,” said Vinod Nair, head of research at Geojit Financial Services.

Of the Nifty 50 constituents, 19 advanced while 31 declined. Whereas, Nifty Bank closed at 41,490.95 with a gain of 0.48 per cent.

“Bank Nifty index continues to trade in a wide range ahead of RBI policy with 41,000 being a support and 42,000 being a resistance. The index needs to decisively break this range on either side for trending moves. Kunal Shah, Senior Technical Analyst, LKP Securities said, “The undertone remains bearish within the range and a buy-on-dip approach should be taken.”

Adani Enterprises, Dr Reddy’s, Adani Ports, Kotak Mahindra Bank and Inusind Bank were gainers on the Nifty.

Tata Steel, Hindalco, ITC, Hero Moto Corp and Maruti were the laggards.

Adani Group Flagship Adani Enterprises Stopped the declining trend and gained 14.63 percent 1802.50. Adani Ports gained 1.33 per cent despite a decline in profit in the December quarter.

The Indian rupee on Tuesday closed at 82.70 against the US dollar, up 0.03% from the previous day’s closing price of 82.73/$.

Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.

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