The benchmark indices Sensex and Nifty fell early on Wednesday due to selling in financials, oil, and information technology stocks amid weak global trends.
The 30-share BSE Sensex dropped 268 points, or 0.44 percent, to 60,709.93, as 24 of its constituents fell. The index opened lower at 60,834.73 and fell further in early trade to a low of 60,693.39.
The NSE’s broader Nifty fell 90.25 points, or 0.5%, to 18,028.05, with 39 of its scrips trading in the red. The index began the day lower at 18,093.35.
Ultratech Cement, SBI, IndusInd Bank, Axis Bank, HDFC Bank, Kotak Bank, L&T, Reliance Industries, Tech Mahindra, Wipro, Infosys, and TCS were the biggest losers on the Sensex.
Tata Steel, HUL, and Maruti Suzuki were all trading higher.
“The 18,200 Nifty has become a major resistance level, keeping the Nifty in a narrow band between 17,800 and 18,200. The Union Budget and the Fed’s interest rate decision on February 1 have the potential to break this narrow range “Geojit Financial Services’ Chief Investment Strategist, V K Vijayakumar, stated.
Meanwhile, the US dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.04 percent to 101.88.
Brent crude was trading 0.43 percent lower at USD 86.48 per barrel, while Indian basket oil was trading 2.69 percent lower at USD 79.98 per barrel.
The major stock indexes on Wall Street finished mixed on Tuesday, ahead of the Fed’s rate decision. The S& P 500 fell 0.1%, the Nasdaq composite fell 0.3%, and the Dow Jones Industrial Average rose 0.3%.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, selling shares worth 760.51 crores.
