India's Nifty falls in wake of Fed; Lenders drag

Friday, 22 Sep, 2017

Amid continuous foreign capital outflows, the 30-share barometer sank but made a sharp recovery only to close at 32,370.04, a loss of 30.47 points, or 0.09 per cent.

Even though the Federal Reserve didn't change interest rates, the policy statement showed the it was balancing low United States unemployment and a recent drop in U.S. inflation.

RattanIndia Power (8.49 percent) and Bombay Dyeing (5 percent) were the top gainers on the BSE.

According to market observers, caution ahead of the US Federal Open Market Committee policy meet outcome Wednesday evening (India time), along with a weak rupee, hampered the risk-taking appetite of investors.

Nineteen of the 30 Sensex constituents ended lower while overall declining issues outnumbered advancing ones 1,581 to 993 and 141 remained unchanged.

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Singapore to continue hosting Formula 1 Grand Prix until 2021
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BSE Healthcare index is up 1.83%, while most other indices, including Bankex, Auto, FMCG and Metals, are dragging.

But Dr Reddy's Laboratories surged over 7.7 percent after the drugmaker said it got establishment inspection report from US drug regulator for its Srikakulam plant. Even the audit of CPS facility at Miyapur has been completed by US FDA with no observations.

Separately, Dr Reddy's Laboratories said that it has received an Establishment Inspection Report from the United States drug regulator, for its Formulation Srikakulam Plant (SEZ) Unit II, Andhra Pradesh.

Key telecom stocks such as Idea Cellular, Reliance Communication and Tata Teleservices fell by up to 3.43 per cent after Trai yesterday slashed mobile interconnection usage charge (IUC) by more than half to 6 paise a minute. ICICI Bank fell as much as 2% to Rs 285 - its lowest since 11 August, making it the top drag on both indexes. Cipla, Lupin and Sun Pharma logged gains by up to 4.04 per cent.

Vivimed Labs rose 3 percent as its Hyderabad FDF manufacturing unit was approved & accredited with Good Manufacturing Practice Certificate from Ukraine ministry of Health. "Investors could now be eyeing GST rate revisions and updates on GST implementation in petroleum products to take the next crucial step", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.