Market Today: Sensex falls 263 points, Nifty ends at 17,718 ahead of US Fed rate decision – The Indian Express

Stock Market Today, Sensex, Nifty Share Prices Updates: The equity benchmarks – Sensex and Nifty – snapped from their two-day winning streak and ended around 0.5 per cent lower on Wednesday tracking their global peers as investors braced for a hefty rate hike from the US Federal Reserve and clues on further hikes.
The S&P BSE Sensex fell 262.96 points (0.44 per cent) to end at 59,456.78, while the Nifty 50 settled at 17,718.35, down 97.90 points (0.55 per cent). Both the indices had opened on a flat note earlier in the day but declined later as the session progressed with the Sensex touching a low of 59,275.40 and the broader Nifty hitting 17,663.60.
IndusInd Bank, Power Grid Corporation of India, UltraTech Cement, Larsen & Toubro (L&T), NTPC, HCL Technologies, Dr. Reddy’s Laboratories, Tata Consultancy Services (TCS) and Bharti Airtel were the top losers on Wednesday while ITC, Hindustan Unilever (HUL), Bajaj Finance, Tech Mahindra, Reliance Industries (RIL), Mahindra & Mahindra (M&M) and Nestle India ended in green.
All sectoral indices on NSE except the Nifty FMCG index ended in red. The FMCG index rose 1.18 per cent on Wednesday while Nifty Metal fell 2.09 per cent, Nifty Pharma declined 1.39 per cent and Nifty Realty slipped 1.29 per cent. The Bank Nifty ended 0.64 per cent lower.
In the broader market, the S&P BSE MidCap index fell 162.25 points (0.63 per cent) to end at 25,777.85 while the S&P BSE SmallCap settled at 29,238.99, down 203.80 points (0.69 per cent).
Going ahead, market participants will closely watch the outcome of US Federal Reserve’s policy decision later in the day. The Fed is expected to raise its key short-term rate by three-quarters of a point for the third time. That would lift its benchmark rate, which affects many consumer and business loans, to a range of 3 per cent to 3.25 per cent, the highest level in 14 years, and up from zero at the start of the year.
Commenting on the market move on Wednesday, Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services said, “Domestic market consolidated ahead of FOMC outcome expected late on Wednesday. Markets will react to the Fed’s interest rate hike decision while the 75bps have been factored in, an aggressive commentary or sharper rate hike of 100bps could lead to higher volatility and pressure on the market. An inline rate hike can bring relief to the market. Stock specific action was seen in sectors like defence, FMCG, capital goods and Healthcare.”
Global shares mostly declined Wednesday as investors looked ahead to a widely expected interest rate hike by the US Federal Reserve to try to tamp down the highest inflation in decades.
France’s CAC 40 fell nearly 0.1 per cent in early trading to 5,974.93, while Germany’s DAX lost 0.2 per cent to 12,648.87. Britain’s FTSE 100 gained 0.6 per cent to 7,235.02. The future for the Dow industrials was up 0.1 per cent at 30,828.00. The S&P 500 future rose 0.1 per cent to 3,875.75.
Japan’s benchmark Nikkei 225 dipped 1.4 per cent to finish at 27,313.13. Australia’s S&P/ASX 200 dropped 1.6 per cent to 6,700.20. South Korea’s Kospi lost 0.9 per cent to 2,347.21. Hong Kong’s Hang Seng shed 1.8 per cent to 18,444.62, while the Shanghai Composite slipped 0.2 per cent to 3,117.18.
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