Sensex, Nifty fall after record-breaking rally; investors await Fed rate decision

Mumbai, Sept 18: Benchmark stock indices Sensex and Nifty declined on Monday after a record-breaking rally in line with weak trends in global markets and caution ahead of the US Federal Reserve’s interest rate decision.
Snapping its 11-day rally, the 30-share BSE Sensex fell 241.79 points or 0.36 per cent to settle at 67,596.84. During the day, it declined by 305.8 points or 0.45 per cent to a low of 67,532.83.
The broader Nifty declined 59.05 points or 0.29 per cent to end at 20,133.30.
Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards.
Power Grid, Titan, Mahindra & Mahindra and NTPC were among the gainers.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets relinquished their momentum as they anticipated a raft of policy rate decisions due this week.
“The investor’s confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification from major central banks.
In Asian markets, Seoul and Hong Kong settled lower, while Shanghai ended in the green.
European markets were trading lower. The US markets ended in negative territory on Friday.
Global oil benchmark Brent crude climbed 0.39 per cent to USD 94.30 a barrel.
Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore, according to exchange data.
Rallying for the 11th day running on Friday, the BSE benchmark had jumped 319.63 points or 0.47 per cent to settle at a record closing of 67,838.63. During the day, it rallied 408.23 points or 0.60 per cent to hit its fresh all-time intra-day high of 67,927.23.
The Nifty went up by 89.25 points or 0.44 per cent to end at its all-time closing high of 20,192.35. During the day, it advanced 119.35 points or 0.59 per cent to hit its lifetime intra-day peak of 20,222.45. (PTI)