The Indian stock market turned in negative performance on Monday, March 19, with energy and steelmaking names underperforming. Notably, external conditions were also downbeat as both European and Asian markets came under pressure ahead of the FOMC’s two-day meeting, which is widely expected to result in a rate hike. Recapping the benchmarks, the Nifty 50 slid 0.99% to 10,094.25, and the BSE Sensex closed 0.76% lower at 32,923.12. By 10:16 GMT, the USD/INR currency pair firmed 0.02% to 65,085, while EUR/INR traded up 0.20% to 80.0332. The 10-year Indian government bond yield widened to 7.572%. As noted above, the session’s outliers included energy names such as Indian Oil Corp and Bharat Petroleum, which retreated 3.7-3.8% on news that they each may acquire a 26% equity stake in GAIL. Notably, according to analysts, the acquisitions would adversely affect their balance sheets, raising already high leverage levels. Meanwhile, steelmakers took a hit, tracking iron ore prices that fell to the lowest mark since November last year as domestic demand deteriorated, while inventories increased. In particular, Steel Authority of India and Tata Steel gave up 5.4% and 4.2%, respectively. The daily chart shows that the BSE Sensex has touched the lower line of Bollinger bands, while the Slow Stochastic Oscillator is about to enter oversold territory. As a result, an upturn can be expected before long. $SENSEX, S&P BSE SENSEX INDEX / D