Stock market today saw the Sensex and Nifty open flat, lingering cautiously ahead of the US Federal Reserve’s FOMC meeting on interest rates. By 9:17 AM, the Sensex had dropped by 98 points to 82,980, while the Nifty fell by 30 points to 25,388.
The Nifty IT index suffered a nearly 2% decline, primarily affected by losses in major companies such as Infosys, TCS, and Tech Mahindra. Mphasis, experiencing a drop of over 4%, emerged as the IT sector’s largest loser today.
Contrastingly, the FMCG and auto sectors showed resilience, each marking a 0.2% increase. This positive movement was highlighted by gains in stocks like UltraTech Cement, Britannia, and Hero MotoCorp, each climbing between 0.6% and 2%.
In the broader market, while the benchmark indices remained mostly unchanged, the overall share count showed more advanced than declines. About 1,585 shares advanced, contrasting with 846 declines, and 122 remained unchanged.
Amidst the prevailing cautious sentiment due to the impending FOMC decision, sectors showed diverging trends, with IT bearing the brunt of the market’s scepticism, while selective stocks in FMCG and auto outperformed, adding some positive notes to the day’s trading narrative.
