MUMBAI – Indian equities closed marginally lower on Monday as investors stayed cautious ahead of the U.S. Federal Reserve’s policy meeting, with profit booking in information technology shares weighing on sentiment.
The Sensex ended at 81,785.74, down 118.96 points or 0.15 percent. The 30-share index opened flat at 81,925.51 against the previous close of 81,904.70, moving in a narrow band through the day with an intraday high of 81,998.51 and a low of 81,744.70. The Nifty closed at 25,069.20, down 44.80 points or 0.18 percent.
Analysts said markets largely priced in a 25-basis-point rate cut from the Fed, but participants are awaiting clarity on the central bank’s forward guidance to assess the path for bond yields. “Benchmark indices traded largely flat as investors remained cautious ahead of the Fed policy meeting, with the IT index witnessing profit booking after last week’s rally,” one analyst noted.
Asian Paints, Mahindra & Mahindra, Titan, Infosys, Sun Pharma, TCS, and Tech Mahindra were among the key laggards on the Sensex, while Bajaj Finance, L&T, Adani Ports, and Eternal posted gains.
Sector performance was mixed, with Nifty Financial Services closing 29 points higher at 0.11 percent and Nifty Bank up 78 points or 0.14 percent. Nifty IT, FMCG, and Auto ended in negative territory. Mid- and small-cap stocks saw renewed buying interest, with the Nifty Small Cap 100 gaining 137 points or 0.76 percent, and the Nifty Midcap 100 up 258 points or 0.44 percent, while the Nifty 100 closed flat.
The Nifty snapped an eight-day winning streak, slipping below the 25,100 mark. Analysts said a breakout above 25,150 could trigger short covering and a rally toward 25,300, though some profit-taking at higher levels remains likely. The suggested trading strategy, they added, would be to buy on dips. (Source: IANS)
