Bajaj Finserv, Bharti Airtel, Kotak Mahindra Bank, Dr Reddy’s, Bajaj Finance and Reliance Industries were the major laggards.
Bajaj Finserv, Bharti Airtel, Kotak Mahindra Bank, Dr Reddy’s, Bajaj Finance and Reliance Industries were the major laggards.
Benchmark indices fell in early trade on Wednesday amid a weak trend in global markets, fresh fund outflows and firming crude oil prices.
The 30-share BSE benchmark fell 75 points to 55,193.49 in early trade. The broader NSE Nifty fell 33.6 points to 16,450.25.
Among the Sensex constituents, Bajaj Finserv, Bharti Airtel, Kotak Mahindra Bank, Dr Reddy’s, Bajaj Finance and Reliance Industries were the major laggards. Larsen & Toubro, Sun Pharma, Hindustan Unilever and UltraTech Cement were among the gainers.
In Asia, markets in Seoul, Hong Kong, Shanghai were trading lower while Tokyo edged up marginally. On Tuesday, the US markets closed with a fall.
“The US Fed’s announcement on expected interest rates late tonight is unlikely to have a massive impact on equity markets as the most likely outcome of a 75 bps (basis point) increase is discounted by markets.
“The market, which still remains volatile, swings between fears of an imminent US recession on the one hand and US expectations of a sharp economic downturn on the other. Only time will tell which of the two. That scenario will play out,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
On Tuesday, the BSE benchmark closed at 55,268.49, down 497.73 points or 0.89 per cent. The Nifty was down 147.15 points, or 0.88 per cent, at 16,483.85.
Meanwhile, international oil benchmark Brent crude climbed 0.10% to $104.50 a barrel.
Foreign institutional investors again offloaded shares worth Rs 1,548.29 crore on Tuesday, according to exchange data.