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Benchmark indexes fell in early trade on May 3 ahead of the US Federal Reserve’s interest rate decision and weak global market trends, halting their eight-day rally.
Besides, losses in major indices Reliance Industries, ICICI Bank, Infosys and HDFC led to weakness in equities.
BSE’s 30-share Sensex closed at 61,024.44, down 330.27 points. The broader NSE Nifty fell 97.05 points to 18,050.60.
From Sensex firms, Tech Mahindra, Infosys, Reliance Industries, Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank and HDFC were the major laggards.
NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid and Tata Motors were among the gainers.
In Asian markets, Seoul and Hong Kong traded lower, while Shanghai remained in the green. US markets closed down on Tuesday.
“Key indices are likely to be under pressure in early trade ahead of US Fed meeting on interest rates later today. Investors are likely to exercise caution as global equity markets are also trending lower, ahead of further rate hikes in major economies. may be pushed bearish and bullish growth is ahead,” said Prashant Tapase, Senior VP (Research), Mehta Equities Ltd in his pre-market opening quote.
Rising for the eighth consecutive day, the BSE benchmark had climbed 242.27 points, or 0.40%, to close at 61,354.71 on Tuesday. The Nifty closed at 18,147.65, up 82.65 points or 0.46%.
Meanwhile, global oil benchmark Brent crude climbed 0.03% to $75.34 per barrel.
Foreign institutional investors (FIIs) were net buyers on Tuesday as they bought equities worth Rs 1,997.35 crore, according to exchange data.