USA rate hike fears pull down Sensex

Sensex dives 510 pts on growing political worries

Markets benefited from value-buying in recently-battered stocks and a mixed trend overseas, as investors focused on new Federal Reserve chairman Jerome Powell's first policy meeting starting later in the day amid concerns of a global trade war, brokers said. Investors also have been worrying this month about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminum.

The market traded largely mute rest of the week sessions confined by subdued global peers due to escalating geopolitics worries after United States levied tax on steel and aluminium imports and planned to impose sweeping tariffs on Chinese imports, while the USA challenging India's export subsidy schemes at the WTO fanned investor uncertainty. Metal stocks bore the brunt after prices of base metals dropped in global markets.

The broader NSE Nifty closed 0.99 percent lower at 10,094.25, its lowest closing level since December 6. The benchmark finally settled at 32,996.76, showing a gain of 73.64 points, or 0.22 per cent.

The NSE Nifty50 declined by 165 points or 1.59 per cent to close at 10,195.15 points, while the Sensex closed at 33,176 points - down 509.54 points or 1.51 per cent from the previous session's close.

Chelsea edge past Leicester in tight FA Cup tie
Vicente Iborra got on the end of Riyad Mahrez's cross and he was denied twice by heroic blocks but Vardy was on hand to tap home. However there remains the abiding concern that this team struggles to score goals and struggles to keep clean sheets.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 292.23 crore on Monday, while domestic institutional investors (DIIs) sold shares worth Rs 191.52 crore, showed a provisional data revealed by the stock exchanges.

The BSE Midcap and the BSE Smallcap indices down by 0.44% and 0.20%, respectively.

BPCL (-3.6%), International Olympic Committee (-3.4%), HPCL (-2.2%), Coal India (-2%), Bajaj Auto (-1.5%) were the top losers in today's trade.

Among the 31-share Sensex pack, 17 stocks fell and remaining 14 stocks rose during the week. Besides Tech Mahindra, other top gainers on the index included Eicher Motors, Bharti Infratel and Tata Steel, closing 3-4 per cent higher.

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