Stock Market Snaps Winning Run: Sensex Down 161 Points, Nifty Closes Below 18,100 Ahead Of Fed Rate Call

Stock update: On the 30-share Sensex platform, Airtel, TechM, Axis Bank, TCS, L&T, Bajaj twins closed in the red, while HUL, Asian Paints, Tata Motors, UltraCemco, ITC, Nestle emerged winners

The two key equity benchmarks, Sensex and Nifty, snapped their eighth day winning run on Wednesday, tracking negative cues from the overseas markets ahead of the US Federal Reserve policy outcome later tonight.

The BSE Sensex was ended 161 points lower at 61,193, after having hit a low at 61,024. On the other hand, the NSE Nifty settled with a loss of 58 points at 18,090.

On the 30-share Sensex platform, Airtel, TechM, Axis Bank, TCS, L&T, Bajaj twins closed in the red. On the flip side, HUL, Asian Paints, Tata Motors, UltraCemco, ITC, Nestle emerged winners.

In the broader market, shares of airline companies logged smart gains after non-listed firm Go First filed for bankruptcy. IndiGo soared 4.5 per cent. Jet Airways rallied 5 per cent, and SpiceJet gained 1.5 per cent. Analysts believe Go First insolvency plea could trigger a 'momentum rally' in shares of rival airlines.

The BSE Midcap and Smallcap indices outperformed and finished with marginal gains of 0.4 per cent and 0.2 per cent, respectively. The overall breadth was tad negative, with 1,781 stocks declining v/s 1,716 shares advancing on the BSE.

Sectorally, IT, metal, and energy stocks slipped, while FMCG shares ended on a firm note.

In the previous session on Tuesday, the BSE Sensex closed at 61,355, up 242 points. On the other hand, the NSE Nifty gained 83 points to 18,148.

In Asian markets, Seoul and Hong Kong ended lower, while Shanghai settled in the green.European equity markets were trading mostly with gains. The US markets had ended lower on Tuesday.

Global oil benchmark Brent crude declined 2.08 per cent to $73.75 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Tuesday as they bought equities worth Rs 1,997.35 crore, according to exchange data.

Meanwhile, the rupee consolidated in a narrow range and settled for the day higher by 6 paise at 81.81 (provisional) against the US dollar on Wednesday, tracking the weakness of the American currency in the overseas market.

Forex traders said significant foreign fund inflows and crude oil prices below $75 a barrel also supported the local unit. At the interbank foreign exchange market, the local unit opened at 81.80 against the US currency and finally closed at 81.81 (provisional), registering a gain of 6 paise over its previous close.

During the session, the rupee touched a high of 81.75 and a low of 81.86 against the dollar. On Tuesday, the rupee closed at 81.87 against the US currency.