Sensex, Nifty settle in red as market attention turns to US Federal Reserve meeting

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Published: September 19, 2017 3:59:41 PM

Sensex and Nifty ended flat on Tuesday after a dull trade as market participants keenly awaited the outcome of US Federal Reserve meeting starting from today.

BSE Sensex closed down 0.07% at 32,402.37 points and NSE Nifty settled 0.05% lower at 10,147.55 points. (Image: Wikimedia Commons)

Sensex and Nifty ended flat on Tuesday after a dull trade as market participants keenly awaited the outcome of US Federal Reserve meeting starting from today. The equity benchmark Nifty 50 extended yesterday’s gain and made an all new lifetime high of 10,178.95 points. The US Fed meeting is expected to yield details on how the central bank will unwind its $4.2 trillion portfolio of Treasuries and mortgage-backed securities, nearly a decade after the global financial crisis. BSE Sensex closed down 0.07% at 32,402.37 points and NSE Nifty settled 0.05% lower at 10,147.55 points.

Tata Motors stock was the biggest gainer on both the key indices NSE and BSE, surged 5.62% to the day’s high of Rs 427.7 on NSE on news reports that Tata Sons bought 1.7% stake in the automaker through multiple block deals. Today about 4.44 crore shares of Tata Motors were exchanged in a series of block deals for an amount aggregating to Rs 1,871.79 crore on both BSE and NSE.

The banking stock index of National Stock Exchange — Nifty Bank — made an intraday high of 25,103.45 points on Tuesday, was just 95 points away from the all-time high of 25,198.8 points before closing down 0.02% at 25,041.55 points. India’s largest lender State Bank of India shed 1.46% to the day’s low of Rs 266.45 and is resisting the index to breach the lifetime high. Another two major state-run banks Punjab National Bank and Bank of Baroda also disfavoured the up move.

While on the other hand four private sector banks namely ICICI BankKotak Mahindra BankYes Bank, and IndusInd Bank are trying to pull up the index. Shares of Kotak Mahindra Bank and Yes Bank advanced as 2.8% to Rs 1,045.4 and 0.69% to Rs 1,872 to hit their respective all-time highs. The most valuable bank of India — HDFC Bank — also made a new all-time high, rose 0.4% to Rs 1,868 but was trading lower, down 0.56% at Rs 1,850.1 on NSE.

The S&P 500 ended slightly higher on Monday as financial stocks rose ahead of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session. The Dow Jones Industrial Average rose 0.28% to 22,331.35 points, the S&P 500 gained 0.15% to 2,503.87 points and the Nasdaq Composite added 0.1% to 6,454.64 points.

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