Closing Bell: Sensex ends over 100 pts
lower, Nifty holds 11,050; IT, FMCG take a big hit.
After a
day of relief rally on Tuesday (September 25, 2018), equity benchmarks have
closed on a lower note on Wednesday. However, the key, psychological mark of
11,000 has been held by the Nifty. Investors could also be cautious ahead of US
Federal Reserve’s decision on interest rates, which will be declared later in
the day.
There was
major selling seen among information technology names. The likes of TCS,
Infosys and Wipro, among others dragged the index lower and managed to weigh on
frontline indices as well. Automobiles, consumer and PSU banks were the other
big losers. The Nifty Midcap index closed with marginal gains.
All eyes
are also on the outcome from the FOMC meeting, which will be announced later in
the day. “The outcome of the US Fed meeting on Wednesday is expected to result
in another hike in benchmark interest rates, raising the federal funds rate by
25 basis points from its current range of 1.75-2 percent to 2-2.25 percent,”
Edelweiss Investment Research has said in a note.
At the
close of market hours, the Sensex closed 109.79 points or 0.30% lower at
36542.27, while the Nifty was down 13.70 points or 0.12% at 11053.80. The
market breadth is negative as 1,266 shares advanced, against a decline of 1,330
shares, while 197 shares were unchanged.
HEADLINES OF THE DAY
US
Fed likely to raise rates, possibly end 'accommodative' policy era.
PNB
gains 3% as co to consider capital infusion by govt.
Nifty
likely to hover in a range of 10,920–11,320 in October series.
The crucial resistance for
Nifty spot is now seen at 11180 and above this 11320 Support for the immediate
term is now placed at 10900 next support will be 10720.
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