Fed’s Caution
The US Federal Reserve’s decision to lower its benchmark interest rate to a range of 4.25-4.50 per cent marks a turning point in its monetary policy.
Weak Asian cues and rise in wholesale inflation subdued the key Indian equity indices on Monday, with the wider Nifty50 closing below the 11,000-mark.
According to market analysts, heavy selling pressure was witnessed in metal, healthcare and auto stocks.
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The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to a data released on Monday.
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At 3.30 pm, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,936.85 points – lower 82.05 points or 0.74 per cent from its previous close of 11,018.90 points.
The barometer 30-scrip Sensex on the BSE, which opened at 36,658.71 points, closed at 36,323.77 points, down 217.86 points or 0.60 per cent from its previous close of 36,541.63 points.
The bearish momentum on the Sensex can be gauged from the fact that its intra-day high was its opening level of 36,658.71 points. It touched a low of 36,298.94 points during the day. The BSE market breadth was bearish with 2,048 declines and 551 advances.
The top gainers on the Sensex were Infosys, NTPC, Hindustan Unilever, HDFC and Yes Bank, whereas Tata Steel, Tata Motors (DVR), Sun Pharma, Tata Motors and ICICI Bank were the top losers.
On the NSE, Tech Mahindra, NTPC and Infosys were the highest gainers, while Dr Reddy’s Lab, Tata Steel and Lupin lost the most.
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