Benchmark indices closed lower on Wednesday amid mixed global cues ahead of the US Fed decision on interest rates.Sensex fell 262.96 points or 0.44 per cent to end at 59,456.78. During the day, it tanked 444.34 points or 0.74 per cent to 59,275.40. Nifty declined 97.90 points or 0.55 per cent to close at 17,718.35.
PowerGrid, IndusInd Bank, UltraTech Cement, NTPC, Larsen & Toubro, HCL Technologies, Dr Reddy’s, TCS and Bharti Airtel were the top Sensex losers, falling up to 3.19 per cent. Hindustan Unilever, ITC, Bajaj Finance, Tech Mahindra, Reliance Industries, Mahindra & Mahindra and Nestle were the top Sensex gainers, rising up to 1.60 per cent.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a consolidation movement in the market. After a sharp weakness in the 15th and 16th September, the market showing small range weakness could signal broader range movement. The market breadth was negative on Wednesday and minor weakness was seen in broad market indices like NSE midcap and small cap segments.”
Share Market News Today Highlights: Sensex, Nifty pause two-day winning run; Shree Cement, Adani Ports, PowerGrid among top drags
Mid-cap and small-cap indices on BSE fell 162 points and 203 points, respectively.
Capital goods and banking shares were the top sectoral losers with their BSE indices falling 444 points and 294 pts, respectively. Market breadth was negative with 1,282 stocks ending higher against 2,176 stocks falling on BSE. 129 shares were unchanged.
Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty has closed above 17700 for the day following a range-bound trading session. On the daily chart, the index has fallen below the falling trend line suggesting a waning bullishness. The daily RSI is in a bearish crossover on the daily chart indicating a falling momentum. The trend for the near term may remain sideways to positive as long as the index closes above 17700. However, a decisive fall below 17700 may trigger a correction in the market. On the lower end, below 17700, Nifty may fall down towards 17500/17350. On the higher end, resistance is visible at 17850-17900.”
Market cap of BSE-listed firms fell to Rs 281.17 lakh crore against Rs 283.39 lakh crore in the previous session.
Foreign institutional investors were net buyers on Tuesday as they bought shares worth Rs 1196.19 crore, as per exchange data.
Meanwhile, rupee declined by 26 paise to close at 80.00 (provisional) against the US dollar on Wednesday.
At the interbank foreign exchange market, the domestic currency opened at 79.81 per dollar. It hovered in a range of 79.79 to 80.00 during the session.
Previous session
The Indian market closed higher on Tuesday led by gains in consumer durables, banking and pharma shares. A rally in the global markets also boosted sentiment on Dalal Street. Sensex closed 578 points higher at 59,719 and Nifty climbed 194 points to end at 17,816.
Global markets
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. European bourses were trading mostly higher in mid-session deals. The US markets had ended in the negative territory on Tuesday. Meanwhile, the international oil benchmark Brent crude climbed 2.38 per cent to $92.78 per barrel.