Markets decline amid weak global trends; Sensex sheds 385 pts

PTI Mumbai: Benchmark indices Sensex and Nifty closed lower on Monday due to weak global cues amid caution ahead of the US Fed interest rate decision later this week. The 30-share BSE benchmark Sensex declined 384.55 points or 0.47% to settle at 81,748.57. During the day, it dropped 581.84 points or 0.70% to 81,551.28.The NSE Nifty lost by 100.05 points or 0.40% to 24,668.25. From the 30-share Sensex blue-chip pack, Titan, Adani Ports, UltraTech Cement, Tata Consultancy Services, NTPC, Bharti Airtel, Tech Mahindra, Infosys, Hindustan Unilever and JSW Steel were the biggest laggards. On the other hand, IndusInd Bank, Bajaj Finance, Power Grid, Mahindra & Mahindra and Axis Bank were the gainers.In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were quoting in the red.

Wall Street ended mostly lower on Friday.Meanwhile, wholesale price-based inflation declined to a threemonth low of 1.89% in November on cheaper food items.Foreign Institutional Investors (FIIs) bought equities worth Rs 2,335.32 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.75% to $73.91 a barrel. The BSE benchmark Sensex jumped 843.16 points or 1.04% to settle at 82,133.12 on Friday. The Nifty climbed 219.60 points or 0.89% to settle at 24,768.30. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.European markets were quoting in the red. Wall Street ended mostly lower on Friday. Meanwhile, wholesale price-based inflation declined to a three-month low of 1.89 per cent in November on cheaper food items. India's merchandise exports in November dipped by 4.85 per cent to USD 32.11 billion against USD 33.75 billion a year ago. On Monday, the rupee depreciated by 9 paise to close at an all-time low level of 84.89 (provisional) against the US dollar. Foreign Institutional Investors (FIIs) bought equities worth Rs 2,335.32 crore on Friday, according to exchange data.

Global oil benchmark Brent crude declined 0.75 per cent to USD 73.91 a barrel. "There is heightened action in the primary markets with five IPO listings and seven new IPOs opening for subscription this week. We expect markets to consolidate within a broad range, as sentiments remain cautious ahead of US Fed and Bank of Japan's interest rate decision this week," Khemka said. The BSE benchmark Sensex jumped 843.16 points or 1.04% to settle at 82,133.12 on Friday.