Markets fell in early trade dragged by Reliance, HDFC Bank

Mumbai: Equity benchmark indices Sensex and Nifty fell in early trade on Tuesday on a cautious investor outlook ahead of the US Fed’s interest rate decision and selling in blue-chip stocks such as Reliance Industries and HDFC Bank. The 30-share BSE benchmark Sensex fell 350.98 points to 81,397.59 in early trade. The NSE Nifty fell 100.8 points to 24,567.45.

Reliance Industries, Bharti Airtel, Nestlé, Larsen & Toubro, Bajaj Finserv, HDFC Bank, JSW Steel and Titan were the laggards among the 30-share blue chip pack.

Tata Motors, Adani Ports, Tech Mahindra, HCL Technologies and Hindustan Unilever rose.

In Asian markets, Seoul, Shanghai and Hong Kong traded lower while Tokyo was quoted in positive territory.

Wall Street ended Monday mostly higher.

“Global markets are waiting for the FOMC (Federal Open Market Committee) outcome. Markets have already discounted a 25 bps rate cut and hence, the focus will be on the Fed chief’s remarks. Any departure from the dovish remarks will be negative. From a market perspective, this is only a remote possibility. ,” VK Vijayakumar, Chief Investment Strategist. Geojit Financial Services has informed.

Foreign institutional investors (FIIs) on Monday offloaded equity worth Rs 278.70 crore, according to exchange data.

Global oil benchmark Brent crude fell 0.14 percent to $73.81 a barrel.

The 30-share BSE benchmark settled down 384.55 points, or 0.47 per cent, at 81,748.57 on Monday. The Nifty was down 100.05 points, or 0.40 percent, at 24,668.25.

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