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Markets end lower ahead of US Fed meet
Markets opened on a sluggish note on Monday following subdued commodities and weak global cues. Also the derivatives expiry for November and winter Parliament session kept the investor sentiment lower.
Mumbai: Markets opened on a sluggish note on Monday following subdued commodities and weak global cues. Also the derivatives expiry for November and winter Parliament session kept the investor sentiment lower.
However, the analysts are bullish about the long-term view on the market and expect it will consolidate in near term ahead of RBI's policy meet due next week. They further feel that the central bank may hold the rate cut this time hinting at the disappointing growth.
Sensex closed 49 points at 25,819 and Nifty down 7 points at 7,849, while broader markets outperformed the heavyweights as midcap and smallcap indices raised between 0.4 to 0.5 per cent.
On the sectoral front, FMCG and metal indices fell over 1 per cent, however, consumer durables gains over 1 per cent, on the other hand metal shares come under selling pressure. Hindalco and Vedanta down between 3 and 4 per cent, as both the stock will be excluded from Sensex index group.
Meanwhile, Adani Ports and Asian Paints were included in 30-share Sensex index with effect from December 21, both have gained up to 3 per cent. Other major losers include: Tata Steel, ITC, ONGC, HDFC and Cipla.
The gainers: Hero MotoCorp, up 2.87 per cent at Rs 2,637.25; Gail, up 2.77 per cent at Rs 358.45; Bajaj Auto, up 2.22 per cent at Rs 2,523.20; Dr Reddy's Lab, up 1.55 per cent at Rs 3,400.95; and Lupin, up 1.43 per cent at Rs 1,839.75.
The losers: Hindalco Industries, down 3.82 per cent at Rs 74.35; Vedanta, down 2.90 per cent at Rs 90.45; Tata Steel, down 2.31 per cent at Rs 224.40; ITC, down 2.03 per cent at Rs 337.40; and Sun Pharma, down 1.07 per cent at Rs 718.70.