United States rate hike fears pull down Sensex


The benchmark indices were trading flat on Tuesday tracking negative trend in Asian markets as investors dumped high-flying United States technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data.

The BSE Sensex started Tuesday's session on a weak note, falling as much as 112 points to 32,810 in early deals amid weakness in other Asian markets.

The Nifty also resumed the week higher at 10,301.60 and traded between 10,478.60 and 10,180.25 before ending the week at 10,195.15, showing a loss of 31.70 points, or 0.31 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent. Japan's Nikkei fell 1.0 per cent. 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. The markets have been under tremendous pressure off late with metal and bank stocks cracking quite often. The index had lost 741.94 points in the previous four sessions.

Indian shares gave up early gains and closed 1 percent lower on Tuesday, pulled.

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Major gainers in the 30-share index were Tata Steel (2.70%), Adani Ports and Special Economic Zone (1.14%), Tata Power Company (1.13%), Bajaj Auto (1.09%), Tata Motors (1.04%), and Infosys (0.93%).

Losses in ONGC, ICICI Bank, Yes Bank, RIL, HDFC Bank, Kotak Mahindra Bank, Coal India, NTPC, M&M, IndusInd Bank and ITC capped the gains.

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

The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. Investors have also been worrying about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminium imports. London's FTSE too was up 0.37%.

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