Image Source: Telegraph India
Benchmark indices erased intraday gains amid caution ahead of the US Federal Reserve's policy decision today. Sensex dropped over 600 points from its day's high, closing down 275 pts at 84,391; Nifty slipped 82 pts below 25,800. FII outflows and global cues weighed on sentiment.
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Indian equities ended lower for the third straight session, with a sharp fag-end selloff wiping out early advances. Investors turned cautious as the US Fed meet loomed, pricing in potential impacts on global liquidity and FII flows. Broader markets showed mixed resilience despite the benchmark pressure.
Key Highlights
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Intraday Volatility: Sensex hit intraday high but plunged over 600 points; closed down 275 pts (0.32%) at 84,391.27.
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Nifty Slump: Fell 82 pts (0.32%) to 25,758.52, staying below 25,800 amid profit booking.
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FII Outflows: Continued foreign selling pressured rupee and equities, amplifying downside risks.
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Sector Losers: IT, PSU Bank, Private Bank indices down 0.3%; Eternal, IndiGo, Apollo Hospitals among top drags.
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Gainers Standout: Eicher Motors, Hindalco, M&M, Wipro, Tata Steel rose 0.3-1.9%.
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Fed Anticipation: Markets brace for US rate decision; no-cut fears could strengthen dollar, hit EMs like India.
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Midcaps Dip: BSE midcap shed 0.4%; smallcaps flat, showing relative stability.
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Rupee Weakness: Currency under pressure from outflows, adding to import-heavy sector woes.
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Global Cues: Asian caution and US futures mixed ahead of Fed outcome influenced sentiment.
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Outlook: Focus shifts to Fed commentary; domestic Q3 earnings to drive next leg.
Sources: The Hindu BusinessLine, Economic Times, Financial Express, Moneycontrol, Zerodha Pulse.
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