Key Indian equity indices drift lower after flat opening

Mumbai, March 15 (IANS) After gaining for two straight sessions, key Indian stock indices opened flat on Tuesday morning but drifted lower as trading progressed. Other Asian markets were also cautious ahead of the meetings of some central banks, notably in Japan and the US.

The sensitive index (Sensex) of BSE, which had closed on Monday at 24,804.28 points, opened slightly higher on Monday at 24,832.04 points. Soon after, it was trading at 24,670.21 points with a loss of 134.07 points, or 0.54 percent.

At the National Stock Exchange (NSE), the broader 50-share Nifty, which had ended at 7,538.75 points, was trading at 7,494.00 with a loss of 44.75 points, or 0.59 percent.

On Monday, while the Sensex had ended higher by 86.29 points, or 0.35 percent, over the previous day’s close, the Nifty closed 28.55 points, or 0.38 percent, up.

Keenly watched will be the two-day meeting of the US Federal Reserve’s Federal Open Market Committee that begins on Tuesday, and before that, any decision by the Bank of Japan later on Tuesday, analysts said.

“US stocks closed mixed in low-volume trade on Monday, mostly shaking off the decline in oil prices, ahead of the Fed meeting later in the week,” Angel Broking said in an analysis before the opening bell for bourses in India.

“Dow Jones hit new highs for 2016 on Monday, while S&P 500 edged lower as losses in materials and energy sector capped gains seen across Consumer-discretionary sector. Key European indices ended Monday’s trading session in green,” the brokerage added.

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