On Monday, the Indian stock market experienced a lackluster day, with both the Sensex and Nifty shedding approximately 0.3% of their values. Notable underperformers included HDFC Bank, Airtel, and Infosys, while Titan and Powergrid recorded gains. The IT, Metal, and Private Bank sectors dragged down the market, with most sectors ending in negative territory. However, the PSU Bank and Auto sectors posted gains, with Nifty Auto reaching an all-time high.
Investors are keeping a close watch on several market triggers for the week, including the outcome of the US Federal Reserve policy meeting, foreign fund inflows, movements in crude oil prices, global cues, and more.
Worldwide, share prices declined, while the US dollar strengthened, reflecting concerns about economic growth as central banks in various countries, including Norway, Sweden, Switzerland, the UK, the US, and Japan, hold upcoming meetings.
In India, benchmark stock indexes retreated from their record-setting run on Monday. The Nifty 50 fell by 60 points to close at 20,133, while the Sensex lost 240 points, ending at 67,600 and snapping an 11-day winning streak. Top gainers included Titan, Powergrid, M&M, and NTPC, all of which recorded gains exceeding 2.5%. Conversely, Hindalco, HDFC Bank, Airtel, and Infosys weighed down the market as major laggards.
The PSU Bank index surged by approximately 4%, while Auto, Consumer Durable, and FMCG sectors also posted decent gains. However, Realty, Media, Metal, and IT sectors witnessed the most significant declines.
Globally, European shares followed Wall Street’s declines from the previous week, with investors anticipating the Federal Reserve’s interest rate decision. In the UK, the FTSE 100 experienced choppy trading, while shares of Mondi rose following the paper and packaging firm’s agreement to sell its largest plant in Russia.
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