Global cues, volatility pull equity indices down, banking stocks slip

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SME Times News Bureau | 22 Sep, 2021
Heavy volatility due to global cues pulled India's key stock indices lower on Wednesday.

Both key indices - S&P BSE Sensex and NSE Nifty50 -- faced volatility on the back of US Federal Reserve meeting outcome.

Besides, volatility also flared after China's central bank boosted liquidity and investors mulled a vaguely-worded statement from Evergrande about an interest payment.

Globally, Asian stock markets traded in mixed territory as FOMC and Evergrande continued to reverberate, albeit on a lesser note.

However, European stocks traded higher on Wednesday.

Sector wise, realty, metal, and auto indices rose the most whereas banking, utilities and FMCG lost the most.

The S&P BSE Sensex closed the day's trade at 58,927.33 points, lower by 77.94 points, or 0.13 per cent, from its previous close.

Similarly, NSE Nifty50 fell to 17,546.65 points, lower by 15.35 points, or 0.087 per cent, from its previous close.

"Nifty could not build on to gains of the previous day although the concerns around Evergrande have subsided," HDFC Securities' Head of Retail Research, Deepak Jasani, said.

"17,623 on the upside is a crucial level over which momentum could pick up. 17,444 is the support for the Nifty."

Motilal Oswal Financial Services' Head of Retail Research Siddhartha Khemka said: "Going ahead, market might continue with its consolidation for sometime led by fragile global cues."

"Tomorrow, investors would react to the US Fed MPC outcome while they would await ECB outcome tomorrow. Expectation of continuation of dovish stance by both central banks are running high."