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  1. BSE Sensex falls to over 1-month closing low of 28,437 pts ahead of US Fed meet

BSE Sensex falls to over 1-month closing low of 28,437 pts ahead of US Fed meet

In a volatile trade, BSE Sensex today fell over 65 points to hit an over one-month low of 28,437.71 on profit-booking in metal, FMCG, oil & gas and power stocks ahead of the US Federal Reserve's policy meet.

By: | Mumbai | Updated: March 16, 2015 6:24 PM
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BSE Sensex falls 65.59 pts to close at 28,437.71; NSE Nifty ends 14.60 pts down at 8,633.15. PTI

The benchmark indices BSE Sensex and NSE Nifty closed flat on Monday ahead of the Federal Open Market Committee’s (FOMC) 2-day meeting, which starts from Tuesday.

The BSE benchmark Sensex closed 65.59 points or 0.2% lower at 28,437.71 points, while NSE’s Nifty closed 14.6 points or 0.2% lower at 8,633.15 points.

Experts see markets consolidating, unless US Fed decides to raise interest rates. “Nifty is likely to remain in the 8,500-9,000 range unless there is a major sell-off due to the US Fed rate-hike. Currently, there are no immediate triggers for the markets. Corporate earnings are yet to catch up. Even Q4 may not be that great,” said Andrew Holland, CEO at Ambit Investment Advisors.

Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
We will continue to see domestic concerns till important Bills like Land and Coal are passed in the Rajya Sabha. Importantly the risk to pass Land Bill in the Upper house has increased. Opposition having better majority have raised their objection to the Bill. Post 20th March the houses will go in recess, hence in the mean-time market can consolidate.

Most Asian indices ended in the green. Shanghai Composite gained 2.2% higher to close at 3448.49 points — its highest level in 5-and-a-half years — after Chinese Premier Li Keqiang pledged to take action if economic growth slows too much. Hang Seng (0.5%), Kospi (0.08%), Straits Times (0.6%) and Jakarta Composite (0.3%) also ended higher.

Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
After opening with a cautious note, the markets turned choppy on the lack of major triggers, and uncertainties over the outcome of Federal Reserve’s two day policy meeting which will start on Tuesday.
The wholesale inflation came out today, where the data dipped to -2.06% in the month February on the back of the fall in the price of food articles. The data was at -0.39% in the previous month and 5.03% in February last year. Inflation in the food articles stood at 7.74%.
Nifty closed at 8633 down around 14 points.  The market breadth stood negative as there were seen 1039 stocks advancing against 1847 stocks declining. The Nifty volatility index, India VIX stood at 15.1775 up around 1.41%.
The major gainers in the sectorial front were IT and Realty which closed up around 1.17% and 1.15% respectively and on the other end; the losers were Metal and Capital goods which ended down around 1.49% and 0.96% respectively.
In the stocks’ front, the losers were SSLT and Hindalco which closed down around 5.31% and 3.26% respectively and on the other end buying was seen in DLF and ZEEL which closed up around 4.51% and 3.43% respectively.
The FIIs were buyers in the cash markets segment, bought shares worth Rs 66.98 crore on Friday, 13 March 2015. On the other hand the DIIs were net sellers on 13 March 2014, sold shares worth Rs 71.55 crore as per the provisional data from the stock exchanges.
The European markets were trading higher and the US index futures remained under pressure.  Now the investors around the globe were focusing on the FED’s meeting.

Cairn India ended 3.3% lower after the income-tax authorities issued a tax demand of Rs 20,495 crore for failing to deduct withholding tax on alleged capital gains made by its former parent Cairn UK Holdings. Hindalco ended 3.6% lower amid the ongoing coal block allocation case.
Among sectoral indices, BSE Metal (-1.5%), BSE Power (-0.8%) and BSE Oil & Gas (-0.7%) ended in the red.

Debopam Chaudhuri, VP- Research & Chief Economist, ZyFin Research
The steep deceleration in wholesale prices was surprising. However, a decline in volatile Food and Fuel prices is an encouraging sign. The decline in wholesale prices should trickle down to retail prices soon, keeping CPI within bounds. There is still no reason at this stage to assume a deflationary trend in India akin to an evolving global price trajectory.

 

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