Stock Market Today: Nifty, Sensex Extend Losses To Third Day As HDFC Bank & ICICI Bank Drag
In last three sessions, the Nifty 50 and Sensex lost nearly 2% while market await the US Federal Reserve's policy decision.
KEY HIGHLIGHTS
US Futures Gain Ahead Of FOMC Outcome
As 3:36 p.m., futures contract of Dow Jones and Nasdaq 100 were 0.1% higher each and those of S&P 500 was up 0.2%.
Economic Data Releases And Events For Dec 18 & 19
UK: Confederation Of British Industry Industrial Order Expectation — 4:30 p.m.
US: Building Permits — 7:00 p.m.
US: Current Account — 7:00 p.m.
US: Building Permits — 7:00 p.m.
US: Energy Information Administration Crude Oil Inventories — 9:00 p.m.
US: Federal Fund Rates — 12:30 a.m.
US: Federal Open Market Committee Economic Projections — 12:00 a.m.
US: FOMC Statement — 12:30 a.m.
US: FOMC Press Conference — 1:00 a.m.
Australia: Melbourne Institute Inflation Expectations — 5:30 a.m.
Australia: Mid–Year Economic & Fiscal Outlook
Japan: Bank of Japan Policy Rate
Japan: BoJ Monetary Policy Statement
Japan: BoJ Press Conference
Europe: Current Account — 2:30 p.m.
Nifty, Sensex Drop Nearly 2% In Three Days Ahead Of US Fed Decision; Private Banks Stocks Weigh: Market Wrap
The NSE Nifty 50 and BSE Sensex declined nearly 2% in last three sessions to Wednesday as market participants look forward to the policy decisions from the US Federal Open Market Committee. Private banks stocks weighed on the Indian benchmarks the most in last three sessions.
The Nifty 50 ended 137.15 points or 0.56% down at 24,198.85, and the Sensex ended 502.25 points or 0.62% down at 80,182.20.
During the session, the Nifty 50 fell 0.76% to 24,149.85, and the Sensex declined 0.79% to 80,050.07.
The Indian currency touched a record low of 84.96 against the US dollar, which also affected sentiment of the investors.
The US rate–setting panel is expected to cut rate by 25 basis points. Traders will analyse Chair Jerome Powell's speech for insight about the FOMC's future course of policy action.
"In this volatile environment, traders are advised to remain cautious, use strict stop-loss strategies, and avoid carrying long positions overnight to mitigate risks," said Hardik Matalia, a derivative analyst, Choice Broking.
"After the initial fall in the opening trade, the Index remained rangebound for the rest of the day before concluding the session at 24,198.85 with a loss of 137.15 points," said Aditya Gaggar, director, Progressive Shares.
"Barring IT and Pharma, all the other sectors ended in red, with Media and PSU Banking being the major laggards. Selling pressure was also witnessed in the Broader markets, as Mid and Smallcaps corrected by 0.64% and 0.87%, respectively. Nifty50 has made another bearish candle, but on the hourly chart, the Index has entered an oversold condition, and a bounce is warranted. The immediate resistance and support are placed at 24,370 & 24,100 respectively," Gaggar said.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Motors Ltd., and Bharti Airtel Ltd. weighed on Nifty 50.
Reliance Industries Ltd., Trent Ltd., Tata Consultancy Services Ltd., Dr. Reddy's Laboratories Ltd., and ITC Ltd. limited losses to the Nifty 50 index.
On NSE, nine sectors declined, two advanced, and one remained flat out of 12. The NSE Nifty Media declined the most. The NSE Nifty Pharma rose the most.
Broader indices also fell. BSE Midcap ended 0.6% down and BSE Smallcap lost 0.8%.
Only BSE Focused IT, BSE IT, and BSE Healthcare rose of the 21 sectoral indices on the BSE and remaining fell.
Market breadth was skewed in the favour of sellers. As many as 2,554 stocks fell, 1,449 rose, and 96 remained unchanged on the BSE.
Rupee Ends At Record Closing Low Against US Dollar
Rupee weakened by 5 paise to end at a record closing low of 84.95 against the US Dollar.
The currency weakened to 84.96 during the day.
It closed at 84.90 on Tuesday.
Source: Bloomberg
Market At Close
The NSE Nifty 50 and BSE Sensex declined for three days in a row.
Financial services stocks weighed on the benchmarks in last three days.
Reliance Industries Ltd., Trent Ltd., and Tata Consultancy Services Ltd. were top contributors
HDFC Bank Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd. were top draggers in the Nifty 50 index.
The NSE Nifty Pharma rose the most. It ended 1.02% higher at 22,299.35.
The NSE Nifty Media declined the most. It ended 2.23% down at 1,937.95.
The NSE Nifty Midcap 150 ended 0.57% down at 21,629.15.
The NSE Nifty Smallcap 250 ended 0.68% down at 18,118.60
