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Sensex, Nifty turn choppy ahead of US Federal policy outcome

Mumbai | The benchmark Sensex turned choppy after surging over 200 points in early trade Wednesday, ahead of US Federal Reserve’s policy outcome due later in the day amid mixed global cues.

Investors were cautious ahead of the expiry of September derivative contracts Thursday. The BSE 30-share barometer slipped in the negative terrain after advancing 200.76 points. It was trading 58.50 points, or 0.15 percent, lower at 36,593.56.  The gauge had gained 347.04 points in the previous session.

The NSE Nifty fell 6.55 points, or 0.05 percent, to 11,060.90. FMCG, oil and gas and IT stocks led the decline in the market. While metal and pharma shares led the gainers’ pack.

On Sensex, Wipro, ITC, HUL, ONGC, Kotak Bank, Maruti and Tata Motors were among the top losers, falling up to 2 percent. On the other hand, Yes Bank emerged top gainer by rising 2.34 percent after the board on Tuesday sought at least a three-month extension for MD and CEO, Rana Kapoor, from RBI beyond January 31, 2019. Other gainers include Tata Steel, M&M, Axis Bank, Sun Pharma, HDFC Bank, Bharti Airtel and HDFC, rising up to 1.73 percent.

Brokers said investor sentiment turned choppy on selling by foreign institutional investors (FIIs) ahead of the September month derivatives expiry Thursday. Investors have also awaited policy cues from the US Federal Reserve, which is widely expected to raise interest rates, they added.

On a net basis, domestic institutional investors (DIIs) bought shares to the tune of Rs 2,284.26 crore, while FIIs sold shares worth Rs 1,231.70 crore Tuesday, as per provisional data.

Elsewhere in Asia, Hong Kong’s Hang Seng was up 1.66 percent, while Japan’s Nikkei rose 0.06 percent in their early deals. Shanghai Composite index too gained 1.27 percent. The US Dow Jones Industrial Average, however, ended lower by 0.26 percent on Tuesday.

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