Street Snippet: Nifty Recoups Early Losses, IT Stocks Drag Ahead of Fed Meet

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Street Snippet: Nifty Recoups Early Losses, IT Stocks Drag Ahead of Fed Meet
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market made a negative opening to the new and busy week, with benchmark indices declining up to 0.7% lower in the morning session ahead of multiple global and domestic triggers like the US Fed’s monetary policy meeting and outcome further in the week, along with CPI data from India, US and the UK, among other economic cues.

At the time of writing, headline indices Nifty50 were trading at a muted note, while Sensex dipped 0.1% or 59.67 points, recovering its early trade losses. 

Market heavyweights like Asian Paints (NS: ASPN ), Infosys (NS: INFY ), Eicher Motors (NS: EICH ) and Titan (NS: TITN ) dragged the market lower, with IT stocks adding pressure while realty, banking and metal sectors extended support.

The market volatility barometer India VIX traded muted too with a positive bias.

Under the Nifty umbrella, Nifty Realty zoomed the most and Nifty Metal advanced 0.46%. Nifty Bank rose 0.22%, while Nifty Consumer Durables and Nifty IT declined the most.

Investors will look at India’s CPI inflation print for November set to release on Monday, following which the US Fed’s two-day policy meeting will begin tomorrow, which will be the last FOMC meeting of the ongoing year.

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