Sensex, Nifty Extend Losses on Global Cues

Mumbai: Continuing its downward journey for the second session, BSE Sensex on Wednesday fell over 59 points to end at 28,005.37 points. Selling pressure was mainly in IT, Oil&Gas, pharma stocks as participants remained cautious amid indication that US Fed could raise rates as early as September.

Opened marginally lower at 28,061.79, Sensex hovered in a range of 28,174.30 to 27,960.14. Sensex had lost 87.79 points in the previous session.
The Nifty fell 18.50 points or 0.21 per cent to close at 8,624.05. Intra-day, it hovered between 8,667.10 and 8,603.60.

Anand James, Chief Market Strategist, Geojit BNP Paribas Financial

Comments from Fed playing up chances of even a September US rate hike, kept global markets on a watch mode, especially with FOMC minutes due for release later in the day. Indian stocks continued to get picked up from lower levels, but with few immediate domestic triggers, buyers were seen reluctant to chase prices higher.

Among the 30 Sensex stocks, 15 closed in the red.
Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services, said: “Comments from Fed playing up chances of even a September US rate hike, kept global markets on a watch mode, especially with FOMC minutes due for release later in the day. Indian stocks continued to get picked up from lower levels, but with few immediate domestic triggers, buyers were seen reluctant to chase prices higher.”

Besides, the domestic market sentiment was affected by the discouraging macro-economic data as wholesale inflation soared to a 23-month high of 3.55 per cent in July, making investors trim their positions.

Globally, bourses witnessed caution among investors after New York Fed President William Dudley said the Fed could raise interest rates as soon as September, prompting participants to pause after rallies in recent weeks.
China, Hong Kong, Singapore, South Korean markets moved down by 0.02 per cent to 0.54 per cent. European shares also edged lower with key indices in France, Germany and the UK fell up to 0.68 per cent.

Source: PTI