Sensex, Nifty turn cautious ahead of US Fed policy outcome

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Mumbai: BSE benchmark Sensex rose nearly 200 points in opening trade today only to turn cautious tracking negative global cues ahead of the US Federal Reserve policy announcement scheduled later in the day.

The 30-share index, which opened 196.79 points higher, pared most gains and was trading up by 7.63 points, or 0.02 per cent, at 35,167.99. The index had gained 659.09 points in the previous three sessions on the back of widespread gains triggered by encouraging corporate earnings and strong auto sales data amid record GST collections. The NSE Nifty too turned choppy and was trading 1.75 points, or 0.02 per cent, lower at 10,737.60 Brokers said investor sentiment was cautious ahead of US Federal Reserve’s two-day policy meet outcome, as the central bank in March signalled that the path of future rate hikes could be “slightly steeper” over the next few years than previously thought.

Coal India, Infosys, ICICI Bank, HUL, TCS and Tata Steel were among the top losers on Sensex today, falling up to 2 per cent.  Shares of HCL Technologies today slumped as much as 5 per cent in morning trade on the bourses after the IT firm posted 9.8 per cent decline in consolidated net profit for the quarter ended March 2018. Top gainers were Kotak Bank, Maruti Suzuki, Hero MotoCorp, Hero MotoCorp, Bajaj Auto, RIL, Adani Ports, Dr Reddy’s, L&T, Axis Bank, HDFC Bank and Sun Pharma, rising by up to 3.75 per cent.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 261.98 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 385.47 crore on Monday, provisional data showed. Financial markets was shut yesterday on account of ‘Maharashtra Day’. Among other Asian markets, Japan’s Nikkei was down 0.32 per cent while Hong Kong’s Hang Seng shed 0.47 per cent in early trade today. Shanghai Composite Index too fell 0.16 per cent. The US Dow Jones Industrial Average ended 0.27 per cent lower in yesterday’s trade.

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