Market Retreats from Record Highs Ahead of US Fed Meet

Logging its seventh straight day of losses, the rupee slips 1 paisa to close at 73.32 against the US dollar

Market Retreats from Record Highs Ahead of US Fed Meet
Market Retreats from Record Highs Ahead of US Fed Meet
PTI - 16 June 2021

Indian benchmark indices Sensex and Nifty fell from record-high levels on Wednesday following intense selling in Reliance and HDFC twins as investors turn cautious ahead of the outcome of the US Federal Reserve's policy meeting.

It ended at an all-time high of 52,773.05 on Tuesday.

Investors kept an eye on the two-day US Federal Reserve meeting, which is set to conclude on Wednesday. The 30-share BSE index closed 271.07 points or 0.51 per cent lower at 52,501.98. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55.

PowerGrid was the top laggard in the Sensex pack, shedding around 2 per cent, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance.

On the other hand, Nestle, NTPC, ONGC, Bajaj Finserv, Hindustan Unilever, and Infosys were among the gainers.

Asian markets closed mixed, as bourses in Shanghai, Hong Kong, and Tokyo ended on a negative note, while Seoul settled with gains. The lack of fresh triggers from overseas markets also weighed on the local stocks.

Equities in Europe were trading mixed in mid-session deals.

International oil benchmark Brent crude was trading 0.14 per cent higher at $74.09 per barrel.

Meanwhile, logging its seventh straight day of losses, the rupee slips 1 paisa to close at 73.32 against the US dollar.

Foreign institutional investors (FIIs) bought shares worth Rs 633.69 crore on Tuesday, as per provisional exchange data.

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