Local Markets: Sensex and Nifty Decline as Fed Meeting Approaches

Monday, 16 September 2024, 21:11

Local markets are experiencing pressure as the Sensex and Nifty posted slight declines ahead of the Fed meeting. Auto and IT stocks are struggling, while FMCG and healthcare sectors provide some resistance. Investors await further clarity from the Federal Reserve's monetary policy.
Moneycontrol
Local Markets: Sensex and Nifty Decline as Fed Meeting Approaches

Local Markets Under Pressure Ahead of Fed Meeting

The Sensex and Nifty opened flat on September 17, reflecting investor caution as they await the anticipated Federal Reserve monetary policy adjustments. Auto and IT stocks faced downward pressure, leading the decline, while FMCG and healthcare sectors offered some support.

Market Overview

  • The Sensex was down 63 points or 0.1% at 82,924.
  • The Nifty fell 16 points to reach 25,367.
  • Approximately 1,324 shares advanced, while 1,213 shares declined.

In the previous trading session, Indian indices reached new highs but struggled to maintain levels above 25,400, ultimately ending the day nearly flat.

Sectoral Performance

  1. Nifty IT and Nifty Auto fell 0.3% and 0.7%, respectively.
  2. Meanwhile, Nifty Healthcare, Nifty Pharma, and Nifty FMCG gained between 0.2% and 0.7%.

Regarding individual stock performance, companies like Bajaj Finance, TCS, and Tata Motors experienced notable declines, with Tata Motors leading the drop with a 2% fall after significant trading volume.

In contrast, stocks such as Apollo Hospitals and ONGC were among the top gainers. The broader market reflected a similar trend.

Global Influences

Mixed trading patterns were noted in the Asia-Pacific region due to public holidays affecting stocks in China, Taiwan, and South Korea. The US markets also displayed a mixed outlook with slight increases and drops in major indices.

Market anticipations regarding the Federal Reserve's potential rate cut have shown volatility, with current probabilities indicating a 67% chance of a 50-basis-point cut. Investors are advised to stay cautiously optimistic and employ effective risk management strategies as they gauge market sentiment moving forward.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe