Stock market today: Sensex, Nifty fall on fag-end selloff led by bank, IT stocks; US Fed policy outcome eyed

Market benchmarks opened higher and traded in the green till the final hour of the session when profit booking engulfed the market, causing key indices to enter the red zone.

Sensex closed 189 points, or 0.25 per cent, lower at 74,482.78 while the Nifty 50 closed the day at 22,604.85, down 39 points, or 0.17 per cent.

The losses in the benchmark indices were led by select banking and IT heavyweights, including HDFC Bank, ICICI Bank, Infosys and TCS.

Weak global cues could be attributed to the selloff as market participants shift focus to the US Fed policy outcome on Wednesday and US jobs data on Thursday.

The Indian stock market is closed on Wednesday, May 1, on account of Maharashtra Day.

The Fed is expected to maintain policy rates. Still, Fed Chair Jerome Powell’s press conference is a key event as investors expect cues on what the Fed thinks about the latest macroeconomic data on growth and inflation and how interest rates would move from hereon. 

Also Read: US Fed meet ahead: What do dimming rate cut hopes mean for Indian stock market?

(More to come)

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Published: 30 Apr 2024, 03:31 PM IST