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Sensex pares early losses, ends 242 points down

Source: PTI
September 18, 2023 16:36 IST
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Benchmark stock indices Sensex and Nifty declined on Monday after a record-breaking rally in line with weak trends in global markets and caution ahead of the US Federal Reserve's interest rate decision.


Photograph: Danish Siddiqui/Reuters

Snapping its 11-day rally, the 30-share BSE Sensex fell 241.79 points or 0.36 per cent to settle at 67,596.84.

During the day, it declined by 305.8 points or 0.45 per cent to a low of 67,532.83.

The broader Nifty declined 59.05 points or 0.29 per cent to end at 20,133.30.


Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards.

Power Grid, Titan, Mahindra & Mahindra and NTPC were among the gainers.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Domestic markets relinquished their momentum as they anticipated a raft of policy rate decisions due this week.

"The investor's confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts.

"With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification from major central banks."

In Asian markets, Seoul and Hong Kong settled lower, while Shanghai ended in the green.

Global oil benchmark Brent crude climbed 0.39 per cent to $94.30 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore, according to exchange data.

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