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Sensex, Nifty end flat amid global weakness; Fed meet in focus
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Sensex, Nifty end flat amid global weakness; Fed meet in focus


16:08




Moneycontrol Bureau
After a consolidation, equity benchmarks closed Tuesday's session on a flat note. Indices lost half a percent intraday due to weakness in global peers ahead of Federal Reserve's two-day meeting that will begin tonight and uncertainty over Brexit but recovered in late trade.
Benchmark indices fell for the fourth consecutive session today. The 30-share BSE Sensex declined 1.06 points to 26395.71. The 50-share NSE Nifty managed to hold 8100 level, down 1.75 points at 8108.85 while the broader markets outperformed benchmarks.
The BSE Midcap and Smallcap indices gained 0.2 percent and 0.5 percent, respectively as the market breadth was positive. About 1522 shares advanced against 1079 declining shares on Bombay Stock Exchange.
Experts expect the market to gain strength only after Britain's referendum that will be on June 23.
Brexit is a bigger worry for the global markets than the US Fed meet, says Hartmut Issel, Head-APAC Equity & Credit, UBS.
According to him, Fed is unlikely to hike rates in June or July and the commentary by Fed Chair Janet Yellen is also likely to be non-committal on when the rates are likely to be hiked. Therefore, until the June 23, markets will be more cued on to the Brexit referendum polls and would not take large bets.
European markets like Britain's FTSE, France's CAC and Germany's DAX were down around a percent each (at 16 hours IST). In Asia, Nikkei lost 1 percent ahead of Fed & Bank of Japan meetings and Brexit vote. Hang Seng declined 0.6 percent. Oil prices declined for fourth day in a row. Brent as well as US crude futures were down over a percent.
Meanwhile, the wholesale price index inflation for May came in at 0.79 percent today compared to 0.34 percent in April, showing the second straight month rise following 15 months of declining prices. The consumer price index for May increased further at 5.76 percent, driven largely by double-digit increases in food prices, against 5.39 percent in April, which was expected by economists.
Finance Minister Arun Jaitley today held a meeting with state finance ministers to iron out differences on the goods and services tax (GST), saying that consensus had been reached on a number of issues bogging down the reform, such as whether the rate should be capped in the Constitution.

Nifty PSU Bank outperformed smartly, rising 3 percent after the Reserve Bank of India issued paper on scheme for sustainable structuring of stressed assets yesterday. Punjab National Bank, IDBI Bank, OBC, Bank of India, Andhra Bank and SBI rallied 3-8 percent.
Adani Ports and Cipla gained more than 2.5 percent followed by ITC with a percent upside while Infosys, HDFC, Asian Paints, TCS, Reliance Industries, HUL, Maruti and Bajaj Auto fell 0.5-1 percent.


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Current time: 12-15-2017, 02:07 PM



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