Nifty comes off record high; ITC top drag

Ivan Schwartz
September 22, 2017

The wider Nifty50 of the National Stock Exchange (NSE) touched a fresh high of 10,178.95 points during intra-day trade.

Amid lingering worries on the valuation front, even the 30-share Sensex ended near the base line as the Federal Reserve kicks off its two-day policy review meeting. Indices trimmed intraday losses in late trade.

At 9:56 am, the Sensex was trading 208 points higher at 32483 level and the Nifty rose 78.10 points 10,162 level. The gauge swung nearly 300 points intra-day.

MSCI's broadest dollar-denominated index of Asia-Pacific shares outside Japan was down 0.4 percent, shrugging off slight gains on Wall Street.

The S&P BSE Mid-Cap index provisionally fell 0.34%. The losses in both the indices were higher than the Sensex's slide in percentage terms.

The BSE market breadth was bearish with 1,311 declines and 1,293 advances.

The total turnover on BSE amounted to Rs 4208.81 crore, lower than turnover of Rs 5069.38 crore registered during the previous trading session.

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Sun Pharma, Hindustan Unilever, PowerGrid and ICICI Bank were also on the losing side, falling by up to 1.96 per cent.

Dr Reddy's hit pay dirt, surging the most by 7.47 per cent to Rs 2,486.45 after the company said it has received Establishment Inspection Report (EIR) from the U.S. health regulator USFDA for its formulations manufacturing facility in Andhra Pradesh.

Investors seem to be cautious after the US Federal Reserve left interest rates unchanged on Wednesday but signalled it still expects one rate hike by the end of the year despite recent weak US inflation readings.

The Nifty PSU bank index fell as much as 1.4 percent, heading for a fourth session of fall in five, on profit-taking.

The central bank is widely expected to leave interest rates untouched. But it settled at 10,147.55 - down 5.55 points, or 0.05 per cent. The decision was made by an eight-to-one vote.

The US Federal Reserve said it would initiate the balance sheet normalisation programme as per the schedule in October as announced in June 2017.

Other reports by GizPress

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