NSE & BSE decline in early trade

Mumbai: Benchmark stock market indices opened lower on Wednesday, snapping several days of gains ahead of US Federal Reserve’s crucial policy decision. IT stocks that rely heavily on US operations also fell as a result. The BSE Sensex fell by 204.44 points to reach 61,150.27, while the NSE Nifty 50 was down by 56.70 points at 18,090.95. Broader market indices also failed to sustain their strong momentum and fell as volatility rose.

Position of stocks listed in NSE

Further, it may be noted that most of the sectoral indices declined in early trade, with Nifty Bank, Nifty Financials and Nifty IT falling sharply. Nifty FMCG, Nifty Media, and Nifty Realty were the only sectoral indices that gained. The top five gainers on the Nifty 50 were NTPC, HeroMotoCorp, ITC, Asian Paints, and BPCL. On the other hand, Hindalco, ONGC, Bajaj Finance, Britannia and JSW Steel were laggards.

Performance of markets worldwide

Domestic shares have been witnessing strong momentum for the past few trading sessions, but weak global cues have finally caught up. Wall Street equities fell sharply by one percent in overnight trade, dragged down by banking and energy stocks ahead of the US Federal Reserve’s rate hike decision. There are chances that the Fed will hike rates by another 25 basis points.

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