Business News Live: Stock Market Exhibits Volatility, Sensex 150 Points Lower, Nifty Tests 22K

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The stock market entered the trading week in a volatile fashion. The key equity benchmarks, Sensex and Nifty, oscillated back and forth marginally and traded nearly flat in the morning session.

As of 10:02 AM, the BSE Sensex stood 35 points higher at 72,678.47, while the NSE Nifty50 traded marginally lower by 3.50 points and hit 22,019.85 in the session. 

In the last trading session on Friday, the indices settled lower amidst uncertainty regarding the US Fed rate cut. The S&P BSE Sensex closed 454 points lower and hit 72,485. On the other hand, the NSE Nifty50 settled at 22,023, down 123 points.

As the trading session progressed on Monday, the indices maintained a downward trajectory and continued to trade in red. As of 10:11 AM, the Sensex traded at 72,482.23, slipping more than 150 points, while the Nifty dipped to 21,955.35, down by 68 points.

The US Fed is expected to hold its monetary policy meeting on Tuesday and announce the decision on interest rates at the end of the two-day meeting on Wednesday. Further, other central banks like the Bank of Japan and the Bank of England are also scheduled to reveal their monetary policy decisions in the week. 

Foreign portfolio investors (FPIs) remained bullish on the Indian equities market and continued to pour funds in the sector in March so far. Official data revealed that the investors bought equities worth Rs 40,710 crore in the first half of March and also maintained a positive stance towards the debt market with an investment of Rs 10,383 crore in the period under review. 

Elaborating on the investor movements, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “FPIs have been changing their strategy in response to the changes in the bond yields in the US. Therefore, now that US bond yields have again spiked up in response to stubborn inflation, they may again turn sellers in some of the days, going forward.”