Sensex Snaps Winning Streak & Logs Worst Day in a Week, Ahead of Fed’s Meet

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Sensex Snaps Winning Streak & Logs Worst Day in a Week, Ahead of Fed’s Meet

By Malvika Gurung -- Indian equity benchmark indices ended a choppy session lower on Tuesday, snapping a 5-day winning streak, retreating sharply and logging the worst day in a week.

The domestic market witnessed bears getting hold of the session and erasing early gains, dampening investor sentiment ahead of the two-day US Federal meet, starting March 15, along with the ongoing geopolitical uncertainty around the Russia-Ukraine crisis and the Chinese equities crashing amid the resurging Covid-19 cases.

Domestic benchmark indices Nifty 50 ended 1.23% lower and BSE Sensex lost 709.17 points or 1.26%, led by heavy sell-off in metals, oil & gas, IT and select financial stocks, while some gains in the auto sector provided support to the domestic market.

Amid looming concerns over the US Fed raising interest rate by a quarter-point in its upcoming meeting, new financial and trade sanctions were imposed on Russia, in conjunction with a suspension on gas imports.

Besides, Feb’s retail inflation print at 6.07%, compared to a poll estimate of 5.93% also provided a setback for the domestic market, cited an ET report.

Among the sectoral indices listed on the Nifty basket, all indices except Nifty Auto and Nifty FMCG ended in red, led by Nifty Metal plunging 4.07%. Nifty Bank ended 0.82% lower.

Tata Consumer Products, Mahindra & Mahindra (NS: MAHM ) and Cipla (NS: CIPL ) were the top gainers on Nifty, rising 2-4% each, while Tata Steel (NS: TISC ), Hindalco and ONGC (NS: ONGC ) declined the most, from 4.9-5.3%.

Broader market indices ended in the red too, with NIFTY Midcap dropping 0.9%, NIFTY Smallcap declining 1.43% and Nifty 500 ending 1.1% lower.

Hong Kong’s Hang Seng index plunged 5.72%, its lowest since June 2012.

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