Sensex ends 109 points lower, Nifty below 17,900 ahead of US Fed meet

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November 03, 2021 3:00 AM

Dragged by metal and oil stocks, the Sensex closed at 60,029.06, down 109.40 points, while the Nifty ended 40.70 points lower at 17,888.95. Tata Steel was the top laggard in the BSE index, down 3.7%, followed by Tech Mahindra, HCL Tech, and Reliance Industries, down 1-2% each.

Elsewhere in Asia, the markets ended mainly lower on Tuesday amid stress caused by fresh coronavirus infections in China.Elsewhere in Asia, the markets ended mainly lower on Tuesday amid stress caused by fresh coronavirus infections in China.

The domestic equity markets ended lower on Tuesday amid mixed global cues and fear among investors ahead of the Federal Reserve policy meeting. “Participants are maintaining a cautious stance ahead of the US Fed meet and we may see a similar trend on Wednesday as well,” said, Ajit Mishra, VP – Research, Religare Broking.

Dragged by metal and oil stocks, the Sensex closed at 60,029.06, down 109.40 points, while the Nifty ended 40.70 points lower at 17,888.95. Tata Steel was the top laggard in the BSE index, down 3.7%, followed by Tech Mahindra, HCL Tech, and Reliance Industries, down 1-2% each.

On the contrary, Maruti Suzuki added 2.3% in the intra-day session on Tuesday, followed by Titan, NTPC, SBI, Larsen & Toubro, Bajaj Finance, and Bajaj Auto. The broader markets outperformed the headline indices on Tuesday. BSE mid-cap ended the session higher by 0.5% while the BSE small-cap index closed up 1.1%.

In the overall market breadth, around 1,936 shares advanced, and 1,332 shares declined on the BSE on Tuesday. Sectorally, Nifty Metal closed being the top loser, down 1.5%. The technology, pharma, FMCG, and energy counters were other sectoral losers on Tuesday. However, the Nifty PSU bank index continued to surge higher led by advances in JK Bank, Union Bank, Canara Bank, and Bank of India.

Technically, analysts expect an upward move if the Nifty index manages to surpass the 18,000 levels, post which the index can touch 18,250 levels. “A significant breakout above the levels of 18,000 could result in improvement of market breadth and market can rally till the levels of 18,250,” said, Vijay Dhanotiya, lead – technical research, CapitalVia Global Research.

Elsewhere in Asia, the markets ended mainly lower on Tuesday amid stress caused by fresh coronavirus infections in China. Japan’s benchmark Nikkei 225 ended lower by 0.4%, while Hong Kong’s Hang Seng ended 0.22% lower.

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