Indian stocks slip as IT weighs; cenbank meetings eyed

India’s benchmark stock indexes fell on Monday, taking a breather from a record-setting run, as investors digested economic developments in China and looked ahead to policy decisions from top central banks, including the U.S. Federal Reserve.

The Nifty 50 fell 0.09% to 20,174.4 points at 9:58 a.m. IST, while the Sensex lost 0.16% to 67,726.7 points, with the latter looking set to snap a 11-day winning streak.

The more locally-focussed mid-cap companies fell about 0.17% while the small-cap stocks traded 0.2% higher.

Globally, market participants are wagering for the U.S. Federal Reserve to stand pat on rates later this week, and will also look for a further rate trajectory.

“There is some kind of nervousness in the Asian markets since there has been a rise in prices,” Saurabh Jain, Assistant VP of Research at SMC Securities said.

“With the ensuing meetings from the Federal Reserve and the Bank of Japan, it is to be seen in that context on what is likely to happen and what will be the guidance from these two central banks,” he added.

Additionally, sentiment in China, Asia’s largest economy, took a hit after its key property sector continued to remain under stress despite positive economic data which pointed towards stabilisation of its beleaguered economy.

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