Markets fall in early trade after record-breaking rally – Times of India

by The Technical Blogs


MUMBAI: Equity benchmark indices declined in early trade on Monday after a record-breaking rally last week, in line with weak trends in global markets and caution ahead of the US Federal Reserve’s interest rate decision.
After an 11-day rally, the 30-share BSE Sensex fell 286.6 points to 67,552.03. The Nifty declined 70.7 points to 20,121.65.
Among the Sensex firms, Infosys, HCL Technologies, Tech Mahindra, HDFC Bank, Wipro and Reliance Industries were the major laggards.
Mahindra & Mahindra, Titan, NTPC and Asian Paints were among the gainers.
In Asian markets, Seoul and Hong Kong traded lower, while Shanghai quoted in the green.
The US markets ended in negative territory on Friday.
“Nervousness may come into play ahead of the next Fed meeting which is scheduled to conclude this Wednesday,” Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd, said.
Global oil benchmark Brent crude climbed 0.42 per cent to USD 94.30 a barrel.
Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore, according to exchange data.
Rallying for the 11th day running on Friday, the BSE benchmark had jumped 319.63 points or 0.47 per cent to settle at a record closing of 67,838.63. During the day, it rallied 408.23 points or 0.60 per cent to hit its fresh all-time intra-day high of 67,927.23.
The Nifty went up by 89.25 points or 0.44 per cent to end at its all-time closing high of 20,192.35. During the day, it advanced 119.35 points or 0.59 per cent to hit its lifetime intra-day peak of 20,222.45.


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