Metal and auto sectors weighed on Indian equities on Monday as investors awaited the Federal Reserve’s next move on stimulus measures from the epidemic era, which are still in place.
In the early morning, the blue-chip NSE 50 index was down by 0.3 percent to 17,526.9, while the S&P BSE Sensex was down by 0.24 percent to 58,876.84.
As the Fed’s two-day meeting gets underway on Tuesday, investors will be paying close attention to whether the central bank lays the framework for reducing its bond-buying program.
Metal stocks fell by over 3%, with Tata Steel plummeting by over 5% to become the Nifty’s biggest loss, while JSW Steel fell by nearly 4%.
Raw material prices for steelmaking fell on Friday as China, the world’s largest steelmaker, hinted it could extend tough air pollution controls to further cities.
Due to public holidays in Japan, China, and South Korea, the broad Asian markets fell in weak activity.