Indian shares ended a choppy session on a flat note Tuesday as investors awaited Wednesday’s U.S. consumer price data and the Federal Reserve interest-rate decision for directional cues.
The Fed is widely expected to leave interest rates unchanged, but traders will pay closer attention to Fed officials’ updated projections for the economy and rates.
Market participants see diminished prospects for easing this year, with many analysts expecting the first rate cut by the Federal Reserve only in November.
The benchmark S&P BSE Sensex ended the session down 33.49 points, or 0.04 percent, at 76,456.59 while the broader NSE Nifty index edged up 5.65 points, or 0.02 percent, to 23,264.85.
Among the prominent decliners, Dr Reddy’s Laboratories, Reliance Industries, ITC, Divis Laboratories and Kotak Mahindra Bank all fell around 1 percent.
ONGC shares jumped 5.7 percent after crude prices surged 3 percent to a one-week high on Monday amid hopes of strong summer demand for fuel and potential U.S. crude purchases for its petroleum reserve.
Maruti Suzuki India, Adani Ports, Larsen & Toubro and Tata Motors climbed 1-2 percent.
Housing Finance stocks rallied after the first Cabinet meeting of the Modi 3.0 government approved assistance for the construction of 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana (PMAY).
PNB Housing Finance, Aavas Financiers, Homes First Finance and NBCC surged 6-10 percent.
Market Analysis
Sensex, Nifty End Little Changed Ahead Of Fed Meeting
2024-06-11 10:25:26
