Indian Shares End Choppy Session Lower

(RTTNews) - Indian shares ended lower on Monday despite positive cues from global markets. Barring IT, all other major sectors drifted lower, pushing benchmark indexes lower in volatile trade

The benchmark BSE Sensex ended the session down 331.21 points, or 0.39 percent, at 84,900.71 due to selling by foreign institutional investors amid a weakening rupee.

The Reserve Bank of India intervened to slow the rupee's decline after it slipped past a key level, nearing the 90 mark.

According to exchange data, foreign institutional investors net sold equities worth Rs 1,766 crore on November 21.

The broader NSE Nifty index fell 108.65 points, or 0.42 percent, to 25,959.50 while the BSE mid-cap and small-cap indexes dipped 0.3 percent and 0.8 percent, respectively.

The market breadth was weak on the BSE, with 3,032 shares falling while 1,213 shares rose and 204 shares closed unchanged.

BEL led losses to close 3 percent lower while Titan Company, Trent, ITC, Bajaj Finance, TMPV, Bajaj FinServ, UltraTech, Tata Steel and Mahindra & Mahindra dropped 1-2 percent.

Global cues were mostly positive, with hopes for a Federal Reserve rate cut in December and signs of progress on a Ukraine peace plan helping boost investor sentiment.

Gold prices steadied after two consecutive sessions of losses. Oil extended losses after falling nearly 3 percent last week on ceasefire speculation around the Russia/Ukraine war.

The dollar hovered near six-month highs as investors awaited more U.S. economic data, including reports on retail sales, producer price index and weekly jobless claims for clearer signals on the Federal Reserve's policy outlook.

The odds of another Federal Reserve rate cut in December surged to 70 percent from 44.4 percent earlier after New York Fed President John Williams hinted at potential rate cuts, calling current policy "modestly restrictive."