The Sensex inched higher while the Nifty ended with minor losses after a lackluster trading session. The barometer index, the S&P BSE Sensex, up 23.28 points or 0.06% to 38,386.75, as per the provisional closing data. The Nifty 50 index down 11.35 points or 0.10% to 11,521.05, as per the provisional closing data.
Domestic financial market will remain closed on Thursday, 21 March 2019, on account of Holi.
Trading kicked off on a negative note. Shares, however, gained vigor in morning trade amid broad based buying support. Indices pared gains in mid-morning trade as profit booking emerged at higher levels. Benchmarks hovered near flat line in afternoon trade and turned range bound in mid-afternoon trade. Gains were capped as investors adopted a cautious stance prior to the Federal Reserve's policy decision and further news on US-China trade talks.
Broader market corrected. Among secondary barometers, the BSE Mid-Cap index fell 0.36%. The BSE Small-Cap index fell 0.33%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1125 shares rose and 1550 shares fell. A total of 180 shares were unchanged.
Shares of Punjab National Bank (PNB) jumped 3.7% amid media reports that fugitive diamond jeweller Nirav Modi was arrested in London. The London police today, 20 March 2019, arrested PNB scam accused Nirav Modi. He will be produced in the Westminster court later in the day. The diamantaire is likely to get a bail, but authorities in UK might put conditions on his movement, media reports suggested.
NTPC (down 4.26%), ONGC (down 3.57%), Maruti Suzuki India (down 2.54%), Coal India (down 2.39%), Tata Steel (down 2.25%), Bajaj Finance (down 1.87%) and Tata Motors (down 1.42%), were the major Sensex losers.
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Infosys (up 2.26%), Larsen & Toubro (up 1.70%), Sun Pharmaceutical Industries (up 1.62%), Yes Bank (up 1.57%), HDFC Bank (up 1.40%), Vedanta (up 1.10%) and HDFC (up 0.87%), were the major Sensex gainers.
Overseas, most European and Asian shares declined as investors awaited a policy decision by the US Federal Reserve.
US stock benchmarks on Tuesday closed mostly lower in a volatile session, as investors digested news on trade and awaited a policy decision by the rate-setting Federal Open Market Committee due Wednesday. Investors will focus on the statement issued by policy makers in the US.
Global market focus is largely attuned to global trade developments, amid media reports of US concerns that China is pushing back against American demands in trade talks.
Chinese officials have reportedly shifted their stance on trade because after agreeing to changes to their intellectual-property policies, they have not received assurances from the Trump administration that tariffs imposed on their exports would be lifted, curbing hopes of a deal.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin reportedly plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He.
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