Amid selling pressure in banking and financial services, nervousness was visible on Dalal Street ahead of Fed meet outcome. Among blue-chip stocks, Adani Ports was the worst hit. Dr Reddy’s, Power Grid, IndusInd Bank, Hindalco, Asian Paints, HDFC Bank, Axis bank and SBI were among the 24 laggards in the 50-scrip index. On the other hand, ONGC was the top gainer. Tata Consumer, M&M, Wipro, Bajaj Finserv, HDFC Life, Sun Pharma and Eicher Motors were among other top performers.
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Shares of FMCG stocks such as Tata Consumer Products, ITC, Hindustan Unilever, Asian Paints and Nestle India were among the big gainers on the benchmark indices. However, to label their gains as investors’ preference for defensive bet will be an oversimplification.
The index has sent out a ‘sell’ signal on the MACD indicator, said independent analyst Manish Shah. “A…