MARKETS LIVE: Sensex down 200 pts, Nifty dips below 10,100 post Fed policy

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SI Reporter | New Delhi Last Updated at September 21, 2017 10:25 IST

The benchmark indices extended losses after opening flat as Asian markets were trading mixed after the US Federal Reserve signalled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet.

The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the US central bank signalled one more rate hike by year-end despite recent weak inflation readings.

In line with expectations the Fed said it would begin in October to cut its roughly $4.2 trillion in US Treasury bonds and mortgage-backed securities holdings by initially cutting up to $10 billion each month from the amount of maturing securities it reinvests.

Overnight, Wall Street ended slightly higher with the S&P 500 and the Dow Jones adding to their string of closing records.

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10:25 AM Nifty dips below 10,100

Source: NSE

10:12 AM

Equity MFs stick to their top picks

The chase for a few major stocks among India’s equity mutual fund (MF) managers has intensified this year. They are largely sticking to select stocks in their most-owned list as the markets trade at an all-time high, with higher valuations making several market participants uncomfortable. READ MORE

9:56 AM

Buzzing stock

Novartis India surged 7% to Rs 697 on BSE in early morning trade after the pharmaceuticals company said that the board will meet on Monday, September 25, 2017 to consider a proposal for buyback of the company's equity shares. READ MORE

9:46 AM Nifty Pharma index leading sectoral gainer

Pharma stocks rallied with Divi's Labs and Dr Reddy's contributing most to the gains.

Source: NSE

9:41 AM

Key takeaways from US Fed policy

Fed Chair Janet Yellen said that the central bank was ready to change the interest rate outlook if needed. CLICK HERE FOR FULL STORY

9:31 AM Sectoral trend

Source: NSE

9:27 AM

Broader markets

The BSE Midcap and the BSE Smallcap indices added 0.2% and 0.3%, respectively.

9:26 AM Sensex heatmap at open

Source: BSE

9:20 AM Markets at open

At 9:19 am, the S&P BSE Sensex was trading at 32,441, up 41 points, while the broader Nifty50 was ruling at 10,153, up 12 points.

9:16 AM

Stocks in news

Reliance Industries, Union Bank, ONGC, YES Bank, Mahindra & Mahindra

9:13 AM

Nifty outlook by Angel Broking

In last couple of days, the Nifty has managed to respect the upward gap area of 10,131-10,115. Hence, we continue to see 10115 as an immediate support level followed by 10,043. On the other hand, we may see an attempt to march towards yet another landmark of 10,200. But, our interest remains in stock specific moves as trading opportunities are much superior to the index and therefore, we continue advising the same.

9:11 AM

Technical calls by Prabhudas Lilladher

KARNATKA BANK - BUY

CMP: Rs 154.80

TARGET: Rs 170

STOP LOSS: Rs 145

CLICK HERE FOR MORE

9:09 AM

Buy and sell ideas from Sacchitanand Uttekar of Tradebulls

BUY: Tata Power

CMP: Rs 84.60

Stop Loss: Rs 80.30

Target: Rs 98

CLICK HERE FOR MORE

9:07 AM

Nifty outlook by Tradebulls Securities

Very much on the expected lines the index has continued its run so far. The current week started on a strong note as the Nifty registered fresh life high but the trading range has been capitulated as the index traded in a narrow range for last 3 trading sessions. A series of ‘Inside Bar’ formation coupled with the RSI yet to register an overbought state indicates that the rally still has some steam left. We expect the index to register fresh high near 10,260-10,350 during the current series.

9:05 AM

Today's picks

Devansgshu Datta on Nifty, Bank Nifty, ITC, Ambuja Cements, and BPCL. CLICK HERE FOR DETAILS

8:59 AM

US Fed keeps rates steady

The US Federal Reserve left interest rates unchanged on Wednesday but signaled it still expects one more increase by the end of the year despite recent weak inflation readings. FULL TEXT OF US FED MEETING

8:51 AM Asian markets

The US dollar shone while Asian shares slipped slightly on Thursday after the US Federal Reserve announced a plan to start shrinking its balance sheet and signalled one more rate hike later this year.

MSCI's broadest dollar-denominated index of Asia-Pacific shares outside Japan was down 0.4%. South Korea's Kospi was down 0.1% while Australia shed 0.6%. Japan's Nikkei gained 0.8% thanks to the yen's fall against the dollar.

8:50 AM Wall Street update

The S&P 500 and the Dow ended slightly higher on Wednesday, adding to their string of closing records after Fed policy decisions. The Dow Jones Industrial Average rose 41.79 points, or 0.19% to end at 22,412.59, its seventh straight record close. The S&P 500 gained 1.59 points, or 0.06% to 2,508.24, clocking its sixth record closing high in the last seven sessions. The Nasdaq Composite dropped 5.28 points, or 0.08% to 6,456.04, with Apple Inc as its biggest drag.

8:48 AM

Singapore Nifty

At 8:45 am, SGX Nifty was trading at 10,147, down 20 points or 0.20%.

8:48 AM Good Morning!

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First Published: Thu, September 21 2017. 10:14 IST