Stock Market Closing Today: Sensex Down Almost 200 Points Ahead of FOMC Announcement, Nifty Settles in Red After Reaching Record High
Stock Market Closing: A dramatic reversal erased early gains as profit-taking caused the leading indices, the Sensex and Nifty, to end Tuesday’s trading day in the red. Nifty reached a new high during the day for the first time since April 10th, but it quickly fell into the red, closing at 22,604.85, down 38.55 points, or 0.17 percent. Sensex has dropped by around 189 points in the interim. The top losing index was the NIFTY IT, which dropped 1.13 percent.
Mahindra & Mahindra was the biggest gainer in the Sensex pack, up 4.53%, followed by PowerGrid, Tata Motors, Bajaj Finserv, Bajaj Finance, and Indusind Bank. The top four outcomes were Tech Mahindra, Tata Steel, JSW Steel, and HCL Tech.
“Global markets remained mixed ahead of the US FED policy meet, as markets appear to have already factored in the slim chance of a near-term rate cut,” said Vinod Nair, Head of Research at Geojit Financial Services. Given the recent strong surge and the week’s shortened due to holidays, profit booking occurred as the week came to an end. The Nifty50 businesses’ results to date have stayed modestly better, with the exception of the IT sector, while auto and real estate continue to be healthy.” Domestic first Q4 corporate earnings expectations were cautious.
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