Indices end in red ahead of FOMC meeting; Media, IT outperform; Banking stocks drag

The Nifty Media index surged over 15% mainly led by an over 30% rebound in Zee Entertainment following the deal with Sony Networks.

Sep 22, 2021 03:09 IST India Infoline News Service

Domestic benchmark indices ended in rangebound today ahead of crucial FOMC meeting outcome tonight.  The S&P BSE Sensex ended at 58,927.33, down 77.94 points or 0.13%, while the Nifty 50 settled at 17,546.65, down 15.35 points or 0.09%.

On the sectoral front, auto, IT, metal and realty stocks witnessed a sharp rebound today, while the Nifty Media index surged over 15% mainly led by an over 30% rebound in Zee Entertainment following deal with Sony Networks,

With this, real estate stocks witnessed a sharp uptick with the Nifty Realty index surging over 8% mainly led by expectations of strong quarterly earnings in subsequent quarters due to healthy sales volume and sustained low interest rate scenario.

Notably, strong buying was also seen in midcap and small cap stocks, while the volatility index broadly stood flat today.

Tech Mahindra, Coal India, Tata Motors and Hindalco were among top Nifty gainers, while ONGC, HDFC, Kotak Bank and Shree Cement were laggards.

Meanwhile, global markets also traded mixed with European markets witnessing a sharp rebound. 

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