Mumbai: domestic equity index cared for losses for the second consecutive session on Wednesday as investors remained on the sidelines ahead of Fed policy meeting result is important where it is expected to announce tapering stimulus measures-era pandemic.
BSE 30-share Sensex ended 257.14 points or 0.43 percent lower at 59.771.92.
Similarly, the NSE Nifty slipped 59.75 broader points, or 0.33 percent, to 17.829.20.
Sun Pharma is the top of the package lambengan Sensex, falling 3.06 percent, followed by IndusInd Bank, Kotak Bank, Bharti Airtel, ICICI Bank, M & M and HDFC Bank.
On the other hand, L & T, Ultratech Cement, paint asia, SBI, Tata Steel and Bajaj Finance were among enhancer, raising as much as 3.99 percent.
SBI jumped 1.14 percent after the country’s largest lender reported a 69 percent surge in consolidated net profit at Rs 8889.84 crore for the September quarter due to a decrease in bad loans.
“After a sideways movement.
Post positive opening, the index took the decline as a major global indices traded weaker ahead of the Fed’s policy announcement,” said Vinod Nair, head of research at Geojit Financial Services.
The Federal Reserve is widely expected to announce tapering its asset purchase program in the near term, while clues about the reversal of interest rates is keeping investors on edge, he noted.
“Any indication that a faster rate of tapering will have a negative effect on equity markets.
Alternatively, we can expect a reversal of the trend is weak.” On a positive note, despite the increase in input costs, Indian services PMI jumped to 58.4 in October from 55.2 in September due to continuous improvement in the demand increase sales growth, “added NAIR.
The domestic market closed the Hindu Samvat calendar year 2077 with star rise.
Sensex strengthen 16133.94 points, or 36.97 percent, while the Nifty surged 5048.95 points or 39.50 percent.
the market will have a one hour special trading session on Diwali (Thursday) to mark the beginning of Samvat 2078.
“unfair to assume that the benchmark index will give similar returns in the short term.
.
Returns the benchmark index in the short term may not be the right way to assess investment opportunities.
“Portfolios are constructed carefully utilizing tailwinds, estimated by the Indian economy will be enjoyed in the years to come, should provide free returns of 12-15 per cent over the medium term,” said Krishna Kumar Karwa, Director of Customer – Emkay Global Financial Services , By sector, telecommunications BSE, bankex, auto, consumer resistance and the financial index ended up 1.50 percent lower on Wednesday, while capital goods, realty, metal and finished with gains.
BSE Midcap broader and small index slipped to 0.32 percent.
Global markets are in vogue wait-and-watch in front of the US Federal Reserve’s policy announcement.
Elsewhere in Asia, exchanges in Shanghai, Hong Kong and Seoul ended with losses, while Tokyo closed.
Stock markets in Europe were also trading on a negative note in the middle of the session agreement.
Meanwhile, the international benchmark Brent Crude oil fell 1.66 percent to $ 83.31 per barrel.
The rupee appreciated by 22 paise to close at 74.46 against the US dollar on Wednesday on the back of ease in crude oil prices and foreign funds flowing into the domestic IPO.
Foreign institutional investors are net buyers in the stock market on Tuesday, as they bought shares worth Rs 244.87 crore, according to data exchange.