Stock Market Today: Sensex Falls 250 Points; Nifty Around 20,800 Amid Volatility; IT Top Drag

Stock update: On the 30-share Sensex platform, TCS, Axis Bank, Infosys, TechM, Bajaj Finserv, Wipro emerged early losers. NTPC, PowerGrid, ITC, M&M, UltraCemco, L&T, UltraCemco were among the gainers

The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading in the red amid volatility after a muted start. At 9.55 am, the BSE Sensex was down by 248 points to 69,302. The NSE Nifty50, on the other hand, was trading at 20,833, down 73 points.

On the 30-share Sensex platform, TCS, Axis Bank, Infosys, TechM, Bajaj Finserv, Wipro emerged early losers. On the flip side, NTPC, PowerGrid, ITC, M&M, UltraCemco, L&T, UltraCemco were among the gainers.

In the broader markets, the BSE Midcap and Smallcap indices jumped 0.09 per cent and 0.24 per cent, respectively.

Sectorally, Information Technology index dropped nearly 1 per cent. Nifty Media index gained 0.8 per cent while buying can be seen in the auto, FMCG, and Metals.

In the previous session on Tuesday, the S&P BSE Sensex declined 378 points to 69,551, while the NSE Nifty50 shut shop 91 points lower at 20,906.

"From the global perspective, tonight's Fed message is important in setting the global market trend. Markets will wait for the Fed chief's message before taking a decisive turn," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading lower while Tokyo quoted in the positive territory. The US markets ended in the positive territory on Tuesday.

Global oil benchmark Brent crude declined 0.20 per cent to $73.09 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 76.86 crore, according to exchange data.

Meanwhile, the Indian rupee fell 1 paisa to 83.38 against the US dollar in early trade on Wednesday, tracking a stronger American currency against major overseas rivals. According to forex analysts, a steep fall in crude oil prices from above USD 76 per barrel to the level of $73 a barrel provided support, but the Indian currency was weighed down by the muted trend in equity markets on the back of rising retail inflation in the country.

At the interbank foreign exchange market, the local unit opened at 83.39 and gained slightly to trade at 83.38 against the greenback, down 1 paisa from its previous close. On Tuesday, the domestic currency settled at 83.37 against the US dollar.