Stock markets open lower on weak global cues ahead of Fed meet

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.

Stock markets open lower on weak global cues ahead of Fed meet

New Delhi: Continuing its downtrend for the fifth straight session, stock markets fell amid weak global cues ahead of the US Federal Reserve's policy decision later in the week.

The 30-share barometer fell 112.26 points, or 0.34 percent, to 32,810.86 in opening session.

The gauge, however, turned positive to trade 42.34 points, or 0.13 percent, higher at 32,965.46. It had lost 994.82 in the previous five sessions.

The NSE Nifty also opened 45.15 points, or 0.44 percent, lower at 10,049.10.

Sectoral indices led by metal, healthcare, realty, consumer durable and banking stocks were trading in the negative terrain, falling by up to 1.38 percent.

The laggards were Bharti Airtel, NTPC, Kotak Bank, M&M, IndusInd Bank, Axis Bank, Sun Pharma and ITC, falling up to 1.42 percent.

Tata Steel, Adani Ports, Tata Motors and Infosys were among the top gainers, rising up to 3 percent.

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. Opinion is split on the number of rate hikes it will likely announce this year, with some forecasting three and others saying four.

On broader markets Japan`s Nikkei went into the break more than one percent lower, while Hong Kong shed 0.6 percent and Sydney was off 0.5 percent.

Shanghai dropped 0.3 percent, Singapore gave up 0.2 percent and Seoul retreated 0.4 percent, with Wellington, Manila, Taipei and Jakarta all sharply down.

U.S. stocks joined a broad decline in global equity markets on Monday as traders turned cautious ahead of the Federal Reserve`s policy meeting this week and amid continuing concerns about the threat of a global trade war.

The Dow Jones Industrial Average fell as much as 425 during the session and ended won 335.60 points, or 1.35 percent, at 24,610.91. The S&P 500 index lost 39.09 points, or 1.42 percent, to 2,712.92 and the tech-heavy Nasdaq Composite index dropped 155.07 points, or 1.8 percent, to 7,334.24.

MSCI`s main 47-country world stock index fell 1.1 percent in afternoon trading after European stocks dipped and benchmark U.S. indexes declined. Global equities are on their worst run since November.

With Agency Inputs

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