Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Indian equity indices closed in the red on Wednesday as investors were cautious ahead of the US Federal Reserve monetary policy decision later in the day on Wednesday.
At closing, Sensex was down 131 points or 0.16 per cent at 82,948 and Nifty was down 41 points or 0.16 per cent at 25,377.
Intraday, Sensex and Nifty made a new all-time high of 83,326 and 25,482 respectively.
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Nifty Bank was the only major index that closed in the green, up 561 points or 1.08 per cent at 52,750.
Selling was seen in the midcap and smallcap stocks.
Nifty smallcap 100 index was down 75 points or 0.39 per cent at 19,389 and Nifty midcap 100 index was down 427 points or 0.71 per cent at 59,752.
India VIX was up by 6.20 per cent at 13.37.
Among the sectoral indices, PSU banks, fin service and private banks were major gainers.
IT, auto, pharma, FMCG, metal, energy and infra were major laggards.
In the Sensex pack, Bajaj Finance, Bajaj Finserv, Nestle, HDFC Bank, ICICI Bank, SBI, L&T, M&M, IndusInd Bank and Axis Bank were the top gainers.
TCS, Infosys, Tech Mahindra, HCL Tech, Wipro, Sun Pharma, Tata Motors, Tata Steel and Titan were the top losers.
According to market experts, “The Indian market experienced a minor profit booking with underperformance by midcaps. Mixed signals from global markets emerged ahead of the anticipated FOMC rate cut decision which is seemingly priced in a 25-bps cut.
“Investors assess the potential for a short-term underperformance of equity given the elevated valuation and correction of metal prices.”
“Commodities, including oil prices, are steadily declining, suggesting a potential tempering of economic growth. Investor caution is evident as gold prices rise, likely due to anticipated dollar weakness following the rate cut,” they added.
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