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Sensex loses 3300-mark ahead of US Fed meet

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent and Japan's Nikkei fell 1.0 per cent. It had lost 994.82 in the previous five sessions. Metal, media, IT and auto stocks were early losers today. Hexaware Technologies spurted 3.75%, Tech Mahindra 3.80%, Persistent Systems 0.85% and HCL Technologies 1.16% after the rupee weakened against the dollar to hit a four-month low of 65.24 (intra-day).

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

The wider Nifty50 of the National Stock Exchange (NSE) traded lower by 38.45 points or 0.38 per cent at 10,055.80 points.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 292.23 crore, while domestic institutional investors (DIIs) sold equities to the tune of Rs 191.52 crore yesterday, provisional data showed. Markets benefited from value buying in beaten-down stocks and a mixed trend overseas, as investors focused on new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day amid trade war concerns, broker said.

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

The laggards were Bharti Airtel, NTPC, Kotak Bank, M&M, IndusInd Bank, Axis Bank, Sun Pharma and ITC, falling up to 1.42 percent.

In line with midcap index, the BSE Smallcap index was also underperforming benchmark Sensex during Tuesday's trade.

Blue-chip stocks Tata Steel, Tata Motors, Adani Ports and Infosys were among top gainers after a rise in 3 percent.

Bulls remained confused as the potential global trade-war vented-out by Trump administration slowly but steadily came into intentness.

The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. In Europe, Frankfurt's DAX inched up 0.19%, while Paris CAC 40 rose 0.26% in their early deals.

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