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Indian stocks slip ahead as IT weighs; cenbank meetings in focus

Monday,   18-Sep-2023   11:45 AM (IST)

India's benchmark stock indexes fell on Monday, taking a breather from a record-setting run, as investors digested economic developments in China and looked ahead to policy decisions from top central banks, including the U.S. Federal Reserve. The Nifty 50 fell 0.09% to 20,174.4 points at 9:58 a.m. IST, while the Sensex lost 0.16% to 67,726.7 points, with the latter looking set to snap a 11-day winning streak. The more locally-focussed mid-cap companies fell about 0.17% while the small-cap stocks traded 0.2% higher. Globally, market participants are wagering for the U.S. Federal Reserve to stand pat on rates later this week, and will also look for a further rate trajectory. Additionally, sentiment in China, Asia's largest economy, took a hit after its key property sector continued to remain under stress despite positive economic data which pointed towards stabilisation of its beleaguered economy. Back in the region, the technology index led the losses for the day, falling 0.5%, with sector majors HCL Tech and Infosys Ltd dropping around 0.4% and 0.9%. However, the public sector bank index advanced about 2.9%, even as the broader banking sector slipped about 0.3%. Private lender Dhanlaxmi Bank dropped 5% after an independent director resigned, citing differences with board on matters including a rights issue and the bank's capital position.