Sensex, Nifty snap losing streak, IT, telecom stocks gain

Sensex, Nifty snap losing streak, IT, telecom stocks gain

At 10.50 a.m, the Sensex was trading up 102.51 points or 0.31% at 33,025.63 with 21 components gaining. The index had lost 994.82 points in the previous five sessions on worries over widening current account deficit and possible US Fed rate hike. Metal, media, IT and auto stocks were early losers today.

THE BSE Sensex on Friday dived nearly 510 points - its biggest single-day fall since Feb 6 - to close at 33,176 due to a major sell-off amid global trade worries and political concerns after the TDP quit the NDA and moved a no-confidence notice against the Government.

Other Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses, brokers said.

Investors stayed cautious as they braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.

The Nifty was trading above the crucial 10,100 level, up 0.52 per cent, at 10,146.55.

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Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 5,955.29 crore during the week, as per Sebi's record including the provisional figure of March 16, 2018.

Indian shares gave up early gains and closed 1 percent lower on Tuesday, pulled. Other laggards include, Adani Ports, Hero MotoCorp, NTPC, Sun Pharma, Kotak Bank, ONGC, HDFC, L&T, Dr Reddy's, ITC, Tata Steel, Maruti Suzuki, TCS, Bajaj Auto, Reliance Industries, Power Grid and HDFC Bank.

In line with midcap index, the BSE Smallcap index was also underperforming benchmark Sensex during Tuesday's trade. The broader markets showed a mixed trend, with the mid-cap index moving up 0.21% and the small-cap index shedding 0.21%.

Investors are keeping a close watch on the Federal Reserve's policy meeting this week looking for clues about its timetable for tightening monetary policy. The German DAX rose 0.4 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both inched up around 0.3 percent.

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