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Before the Federal Reserve meeting, the stock markets fell for the second consecutive day, the Sensex fell 85 points

Mumbai, May 2 (PTI) Domestic stock markets fell for the second consecutive trading session on Monday as investors took a cautious approach ahead of the crucial meeting of the US central bank this week.

Weakness in rupee and continuous outflows from foreign funds also kept pressure on the market. However, on the domestic front, improving macroeconomic data and Goods and Services Tax (GST) collections touched an all-time high, limited losses in the market.

The 30-share Sensex, after largely recovering from a massive fall of over 600 points during trading, finally ended with a loss of 84.88 points, or 0.15 per cent, at 56,975.99.

Similarly, the Nifty of the National Stock Exchange also closed at 17,069.10, down 33.45 points, or 0.20 per cent.

Among the Sensex stocks, Titan was the biggest loser of 2.95 per cent. Wipro, Tech Mahindra, Infosys, Maruti, Asian Paints, Larsen & Toubro and SBI were also among the losers. ,

On the other hand, IndusInd Bank, NTPC, PowerGrid, Tata Steel, HDFC and ITC were among the gainers.

Vinod Nair, Head of Research, Geojit Financial Services, said, “Investments are being a bit more cautious ahead of the US central bank meeting. A firming dollar index and selling by foreign institutional investors (FIIs) also added to the risk appetite.

On the other hand, the GST collection, vehicle sales and manufacturing PMI figures in April are pointing towards recovery in the economy, he said.

BSE Smallcap fell up to 0.87 per cent and Midcap 0.47 per cent.

In other Asian markets, South Korea’s Kospi and Japan’s Nikkei declined, while Hong Kong’s Hang Seng and China’s Shanghai Composite were closed.

Major markets in Europe declined in afternoon trade. US stock markets closed marginally lower on Friday.

Meanwhile, international oil benchmark Brent crude fell 2.61 per cent to $104.3 per barrel.

Foreign institutional investors (FIIs) sold shares worth Rs 3,648.30 crore on Friday after buying on Thursday, according to stock market data.

Markets will remain closed on Tuesday on the occasion of Eid-ul-Fitr.


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