IT stocks drag Sensex, Nifty lower ahead of Fed meet outcome
Sensex and Nifty opened on a flat note with profit booking seen in IT stocks.
Oil and gas stocks were in focus as the government announced the scrapping of windfall tax on crude oil from Rs 1,850 per tonne. Bajaj Housing Finance continued to rally for the third straight day after multibagger debut and was up around 2%.
Within bluechips, Hero Moto, Bajaj Finance and Shriram Finance shares were trading 2% higher while IT stocks — Wipro, Tech Mahindra, TCS and Infosys — fell the most with a loss of 2%.
Within sectors, Nifty IT suffered the most and was 2% while buying was seen in banks, financials, auto and FMCG stocks.
Expert Take
After forming a small sideways Doji candle in the previous session, Nifty is in the process of consolidating ahead of the big event of Fed meeting.
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