MARKET COMMENT Jayant Manglik, President, Religare Broking Ltd. In a volatile trading session, the equity benchmark indices opened on a positive note however, it witnessed selling pressure at higher levels with Nifty index correcting from an intraday high of 11,146 levels to close at 11,054 levels, 0.1% lower. The broader markets outperformed the benchmark with BSE Midcap and Smallcap ending with marginal gains of 0.2% and 0.1%. The sector indices witnessed mixed trend. While FMCG, IT and Auto were the top losers, Metal, Realty and Capital Goods ended with gains of ~1.2-1.7%. We maintain our cautious stance on the Indian markets as volatility is likely to remain high in the near term. On the global front, US FOMC meet scheduled tonight, crude oil and currency movement would be actively tracked by the investors. We would advise investors and traders to remain selective in stock picking.
The S&P BSE Sensex ended at 36,542, down 110 points while the broader Nifty50 index settled at 11,054, down 14 points.
Among sectoral indices, the Nifty FMCG index fell 1.5 per cent led by a fall in ITC and Hindustan Unilever. The Nifty IT index, on the other hand, settled 1.9 per cent lower weighed by Infosys and Tata Consultancy Services (TCS).
In key individual stocks, YES Bank rose 1.4 per cent to Rs 223 on the BSE. DHFL also rose nearly 1 per cent to Rs 303.20.
Investors will keenly watch US Fed meet outcome due later in the day for fresh cues in the markets.
(with Reuters inputs)