Equity indices nudge lower on weak global cues, banking stocks dip

Mumbai: Key Indian equity indices on Monday danced to the tunes of the assembly polls results of Gujarat and Himachal Pradesh to finally close with gains after swinging from the extreme negative to the positive.

Equity benchmark indices traded lower during early hours on Thursday on the back of weak global cues after the US Federal Reserve indicated the interest rate could stay close to zero for years.

At 10:15 am, the BSE S&P Sensex was down by 141 points or 0.36 per cent at 39,162 while the Nifty 50 lost by 39 points or 0.34 per cent at 11,565.
Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty private bank losing by 1 per cent and financial service by 0.9 per cent.

Among stocks, ICICI Bank dropped by 1.3 per cent to Rs 369.85 per share while HDFC Bank lowered by 1 per cent. The other major losers were Hindalco, Tata Consultancy Services, Bajaj Auto and Tata Motors.

However, HCL Technologies moved up by 2. per cent to Rs 811.20 per share and Tech Mahindra by 1.7 per cent. Dr Reddy’s, Hero MotoCorp, Grasim and Asian Paints also traded with a positive bias.

Meanwhile, Asian stocks fell after the US Federal Reserve pledged to keep interest rates low for years till the inflation reaches its 2 per cent target. But it stopped short of offering further on stimulus to shore up a battered US economy.

MSCI’s broadest index of Asia Pacific shares outside Japan lost by 0.82 per cent and Japan’s Nikkei shed 0.45 per cent.

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