Stock Market: Sensex Dips 262 Points, Nifty Holds 17,700 Ahead Of US Fed Outcome

Stock update: PowerGrid, IndusInd Bank, UltraTech Cement, NTPC, Larsen & Toubro, HCL Technologies, Dr Reddy's, TCS, and Bharti Airtel were the biggest losers on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, on Wednesday ended lower amid mixed global market trends ahead of the keenly awaited US Fed interest rate decision. The Fed is largely expected to hike the policy rate by 75 basis points, but there is a mild possibility of 100-bps hike as well, according to analysts.

The BSE Sensex declined 262 points (0.44 per cent) to settle at 59,456. During the day, it plunged 444 points to 59,275. On the other hand, The NSE Nifty went lower by 97 points (0.55 per cent) to end at 17,718.

On the 30-share Sensex platform, PowerGrid, IndusInd Bank, UltraTech Cement, NTPC, Larsen & Toubro, HCL Technologies, Dr Reddy's, TCS, and Bharti Airtel were the biggest losers. On the flip side, Hindustan Unilever, ITC, Bajaj Finance, Tech Mahindra, Reliance Industries, Mahindra & Mahindra, and Nestle were the gainers.

In the broader market, the Nifty MidCap and SmallCap indices mildly underperformed the frontline indices as they fell 0.7 per cent and 1 per cent, respectively.

Among sectors, the Nifty FMCG index was the sole gainer, rising 1.2 per cent. The losses, meanwhile, were led by the Nifty Metal index (down 2 per cent), the Nifty Pharma index (1.4 per cent), and the Nifty Oil & Gas index (1.2 per cent).

In the previous session on Tuesday, the BSE benchmark had climbed 578.51 points (0.98 per cent) to settle at 59,719, while the Nifty went higher by 194 points (1.10 per cent) to end at 17,816.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. European bourses were trading mostly higher in mid-session deals. The US markets had ended in the negative territory on Tuesday.

The international oil benchmark Brent crude climbed 2.38 per cent to $92.78 per barrel.

Foreign institutional investors (FIIs) were buyers as they bought shares worth a net Rs 1,196.19 crore on Tuesday, according to data available with the BSE.

Meanwhile, the rupee declined by 26 paise to close at 80.00 (provisional) against the US dollar on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities. The rupee finally settled at 80.00, down 26 paise over its previous close.