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Sensex ends flat as financials, IT stocks weigh

By Reuters

  • 02 May 2018
Sensex ends flat as financials, IT stocks weigh
Credit: Reuters

The NSE Nifty index ended marginally lower after volatile trading on Wednesday, while the BSE Sensex was nearly flat, as IT stocks and public sector lenders weighed on sentiment but auto stocks rose, boosted by strong monthly sales.

BSE Sensex closed up 0.05 percent at 35,176.42.

The broader NSE Nifty ended 0.20 percent lower at 10,718.05, with Vedanta Ltd and HCL Technologies among the top percentage losers.

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Sentiment across the globe was muted as investors await the U.S. Federal Reserve’s policy decision later in the global day for cues on the future pace of U.S. monetary tightening.

The Fed is seen set to hold interest rates steady but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.

“Global cues are weighing on the markets... It is now running into macro headwinds - crude, spike in the 10-year yield, valuations on market-end as a whole are high,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management.

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Stock markets were closed on Tuesday for a public holiday.

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