Sensex slips for second day; signs off Samvat 2077 with 37% gains

Mumbai, November 3

Domestic equity indices nursed losses for the second straight session on Wednesday as investors stayed on the sidelines ahead of a crucial Fed policy meeting outcome where it is expected to announce tapering of its pandemic-era stimulus measures.

The 30-share BSE Sensex ended 257.14 points or 0.43% lower at 59,771.92. Similarly, the broader NSE Nifty slipped 59.75 points or 0.33% to 17,829.20.

Sun Pharma top loser

The Sensex ended 257.14 points lower at 59,771.92. Similarly, the Nifty slipped 59.75 points to 17,829.20
Sun Pharma was the top loser, followed by IndusInd Bank, Kotak Bank, Bharti Airtel, ICICI Bank, Mamp;M and HDFC Bank
Lamp;T, UltraTech Cement, Asian Paints, SBI, Tata Steel and Bajaj Finance were among the gainers, spurting as much as 3.99%Sun Pharma was the top laggard in the Sensex pack, falling 3.06%, followed by IndusInd Bank, Kotak Bank, Bharti Airtel, ICICI Bank, Mamp;M and HDFC Bank.

On the other hand, Lamp;T, UltraTech Cement, Asian Paints, SBI, Tata Steel and Bajaj Finance were among the gainers, spurting as much as 3.99%.

SBI jumped 1.14% after the country’s largest lender reported a 69% jump in consolidated net profit at Rs 8.889.84 crore for the September quarter on account of a decline in bad loans.

“After a sideways movement post its positive opening, the indices took a downturn as major global indices traded weak ahead of the Fed policy announcement,” said Vinod Nair, Head of Research at Geojit Financial Services.

The Federal Reserve is widely expected to announce the tapering of its asset purchase program in the near-term, while any hint on interest rate reversal is keeping investors on the edge, he noted.

“Any indications showing a faster rate of tapering will have a negative effect on the equity market. Or else, we can expect a reversal from this weak trend.

“On a positive note, despite the rise in input costs, India’s Services PMI jumped to 58.4 in October from 55.2 in September owing to ongoing improvements in demand boosting the growth of sales,” Nair added. — PTI