Stock Market Updates: Sensex Down 250 pts, Nifty Below 20,150; IT Stocks Drag

Sensex Toda: US Fed meet outcome and global cues likely to dictate market action this week.

Sensex Today: The S&P BSE Sensex was down over 250 points at 67,570 in opening deals on Monday. The NSE Nifty 50 was seen hovering around the 20,150 level, down over 50 points.

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Shares of private lender Dhanlaxmi Bank dropped 9.2 per cent on Monday, after Independent Director Sridhar Kalyanasundaram quit over the weekend, citing differences with the board on matters including the bank’s rights issue and capital position.

Broader indices, were mixed, the BSE MidCap index was more-or-less unmoved, while the SmallCap index was up 0.2 per cent.

Among individual stocks, Reliance Industries, Bharti Airtel and the IT pack were the major laggards so far.

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Global Cues

On Friday, the US market ended with significant losses as Treasury yields rose another 3 bps to 4.32 per cent ahead of the Fed meeting. Dow Jone slipped 0.8 per cent, while the S&P 500 and Nasdaq cracked 1.2 per cent and 1.6 per cent, respectively.

Asian shares started cautiously on Monday in a week packed with central bank meetings that include the Federal Reserve and the Bank of Japan, which will be closely scrutinised for the global interest rate outlook.

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The US dollar and most major currencies were flatlining in early trades on Monday, barring a blip in sterling, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets.

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