Stock markets edge lower in choppy trade amid weak global cues

PTI, Feb 21, 2023, 4:21 PM IST

Equity benchmark indices Sensex and Nifty ended marginally lower in a highly volatile trade on Tuesday as investors preferred to stay cautious ahead of the release of minutes of the Federal Open Market Committee (FOMC) meeting.

The BSE Sensex edged down 18.82 points or 0.03 per cent to settle at 60,672.72. During the day, it hit a low of 60,583.72 and a high of 60,976.59.

The NSE Nifty slipped 17.90 points or 0.1 per cent to end at 17,826.70.

From the Sensex pack, Tata Motors, Sun Pharma, Wipro, Tata Consultancy Services, UltraTech Cement, Tech Mahindra, Bajaj Finserv, HCL Technologies, Infosys and IndusInd Bank were the major laggards.

NTPC, Power Grid, Reliance Industries, Tata Steel, HDFC and HDFC Bank were the major winners.

”Despite opening gains, negative cues from global peers cast a shadow over investor sentiments. Underpinned by inflationary concerns, the market is keenly eyeing the US fed meeting minutes, scheduled to be released on Wednesday, for hints on further monetary policy tightening,” said Vinod Nair, Head of Research at Geojit Financial Services.

Risk appetite was further hammered by FIIs turning net sellers and fear of El Nino weather event, Nair said.

In Asian markets, South Korea and China ended in the green, while Hong Kong and Japan settled lower.

European equity markets were trading lower in the afternoon trade. The US markets were shut on Monday for ‘Presidents Day’.

International oil benchmark Brent crude declined 1.50 per cent to USD 82.81 per barrel.

Foreign portfolio investors (FPIs) offloaded shares worth Rs 158.95 crore on Monday, according to exchange data.