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Markets opened on negative note this Tuesday on back of selling pressure witnessed in infrastructure stocks. Trading was on a cautious note ahead of the US Federal Open Market Committee meeting starting today.
At 9:20AM, the 30-share Sensex fell 70 points at 19,255 and the 50-share Nifty declined 23 points at 5,826 levels.
Power companies dropped after the Ministry of Coal (MoC) has issued show cause notices to two more coal blocks in Odisha over delay in developing the mines, continuing its crackdown on non-serious allocatees.
Meanwhile, the Federal Open Market Committee begins its two-day policy meeting today, almost a month after Fed Chairman Ben S. Bernanke said asset purchases could be scaled back should the U.S. employment outlook show “sustainable improvement.”.
Asian stocks traded mixed amid looming uncertainty over the Federal Reserve’s bond-buying plans.
Globally, the Nikkei fell 0.02% to 13,030, Singapore Straits Times rose 1% to 3,216, Hong Kong’s Hang Seng declined 0.6% to 21,090 while China’s Shanghai Composite index was down 0.3% at 2,150.
Back home, the key sectoral gainers included counters such as IT, consumer durables, healthcare while metal index dropped on the BSE.
The gainers included counters such as Bharti Airtel gaining 1%, Mahindra & Mahindra rose 0.2%, Wipro and Infosys rose 0.5% on the BSE.
The laggards included names like Jindal Steel and Coal India declined 1.4% and 0.4% respectively, Tata Power fell 0.2%, ICICI Bank and SBI dropped 0.5%, Tata Motors and Bajaj Auto shed nearly 1% on the BSE.
The broader markets traded positively with mid-caps and small-caps rising 0.3 per cent each on the BSE.
The market breadth was flat. Out of 336 stocks traded so far, 161 stocks advanced while 166 declined on the BSE.
