India's Sensex snaps 11-session winning streak; Fed decision eyed

Monday,   18-Sep-2023   04:24 PM (IST)

India's blue-chip stock indexes eased from record highs on Monday, with the Sensex ending a 11-session winning streak, as investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. The benchmark Nifty 50 fell 0.3% to 20,133.3 points, while the S&P BSE Sensex slipped 0.4% to 67,596.8 points. Both benchmarks had gained nearly 2% each last week and closed at record highs. Sectorally, heavyweight information technology stocks led losses on the benchmark, slipping 0.7%, while metals dropped 1.1%. Aluminium producer Hindalco and India's biggest private lender HDFC Bank were the top individual losers on the Nifty 50, falling 2.4% and 2% respectively. Mid-cap and small-cap stocks, which had turned volatile recently amid concerns over valuations, shed 0.4% and 0.5% respectively. Investors now await the policy decision of the world's largest central bank, due Wednesday, in which it is expected to stand pat on rates. Additionally, China's property sector - a key metals consumer - remained under pressure despite positive economic data. India's public sector banks, meanwhile, rose for the fourth straight day, climbing 3.4% to a fresh record high, although broader banking stocks slipped 0.5%. Private lender Dhanlaxmi Bank ended 4.4% higher after opening lower, after an independent director quit over the weekend, citing differences with the board. Power producer NTPC advanced 2.1% after Reuters reported that its mining arm will explore overseas sourcing of battery minerals.