Benchmark indices opened the day weak even as most Asian cues were mixed ahead of this week’s Federal Reserve meeting. The commentary from the US Fed is likely to keep both equities and bond markets on the tenterhook.
The markets discounted inflation and IIP data as well. India’s retail inflation increased to 5.03% in February, mainly due to higher food prices, according to government data released on Friday.
The Sensex was trading with losses of 220 points, while the Nifty lost 123 points in trade. Among the early losers in trade were Coal India, GAIL, Adani Ports, HDFC Bank and Bajaj Finance. On the other hand the top gainers in trade were Power Grid, ONGC, Maruti, Tech Mahindra and Indian Oil Corporation.
Shares in MCX were trading higher despite reports of shrinking retail trades because of Sebi’s stringent intraday margin reporting norms.
Vodafone shares were trading lower after reports that the telecom major may look at raising its tariffs by the end of the April-June quarter.
Meanwhile, in commodities crude oil and gold both gained ground. The US Federal Reserve decision and commentary would key to movement of gold and equities in the coming week. Both are expected to be volatile.
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