Sensex pares losses, rises over 100 points ahead of US Fed meet

Sensex dives 510 pts on growing political worries

Equity markets in Tuesday's early trade got off to a choppy start as Sensex dipped nearly 100 points before paring the losses.

According to market observers, investors were cautious ahead of the US Federal Reserve's meet on March 20-21.

The Sensex started the week with a smart rise of 33,468.16 and hovered between 34,077.32 and 33,119.92, it closed the week at 33,176.00, showing a fall of 131.14 or 0.39 per cent. It had lost 994.82 in the previous five sessions. Intra-day, it hit a low of 10,049.10.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 292.23 crore on Monday, while domestic institutional investors (DIIs) sold shares worth Rs 191.52 crore, showed a provisional data revealed by the stock exchanges.

"Market is struggling to rebound from the support level due to redemption and expectation of 25 bps Fed rate hike".

The Indian rupee opened lower at 65.03 per US dollar against Friday's close of 64.94.

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A total of eight stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE.

Tata Steel was the biggest gainer in the Sensex pack, advancing 3.17%. Other laggards included Wipro, Yes Bank, Coal India, Infosys, Asian Paint, Bajaj Auto, Adani Ports, SBI, Tata Motors, Kotak Bank, Sun Pharma, ICICI Bank, Hero MotoCorp, Dr Reddy's, HDFC Ltd, Axis Bank, IndusInd Bank, RIL, ITC Ltd, ONGC, HDFC Bank and M&M that lost up to 2.60 per cent.

In line with midcap index, the BSE Smallcap index was also underperforming benchmark Sensex during Tuesday's trade. Canara Bank slumped 3.84% after the CBI charged its ex-CMD R.K. Dubey and two former executive directors with cheating and forgery. The BSE Small-Cap index was off 0.23%.

"When you look at the data, it's relentless selling by foreign investors".

In the Asian region, Shanghai Composite Index was up 0.35% and Hong Kong's Hang Seng rose 0.11%, while Japan's Nikkei ended 0.47% lower.

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