Indian stocks slip as IT weighs; cenbank meetings eyed. After a record run, India’s key stock indexes dipped on Monday as investors digested Chinese economic data and anticipated policy choices from top central banks, including the U.S. Federal Reserve.
The Nifty 50 (.NSEI) dipped 0.09% to 20,174.4 points at 9:58 a.m. IST, while the Sensex fell 0.16% to 67,726.7 points, threatening an 11-day winning run.
The regionally focused mid-cap (.NIFMDCP100) dipped 0.17%, and the small-cap (.NIFSMCP100) rose 0.2%.
Market investors worldwide expect the U.S. Federal Reserve to hold rates steady later this week and look for a further rate trajectory.
“Since prices have risen, Asian markets are nervous,” said SMC Securities Assistant VP of Research Saurabh Jain.
During the Federal Reserve and Bank of Japan meetings, “what is likely to happen and what will be the guidance from these two central banks,” he said.
China’s attitude also suffered after its vital property sector remained under stress despite encouraging economic data pointing to the stabilization of its troubled economy.
The technology index (.NIFTYIT) fell 0.5%, while sector majors HCL Tech (HCLT.NS) and Infosys Ltd (INFY.NS) fell 0.4% and 0.9%, respectively.
The public sector bank index (.NIFTYPSU) rose 2.9%, while the broader banking sector (.NSEBANK) fell 0.3%.
After an independent director left, Dhanlaxmi Bank (DNBK.NS) fell 5% due to board disagreements on a rights issuance and capital position.