Sensex Closes Lower Ahead of US Fed Rate Decision, Nifty at 24,198

Domestic benchmark indices ended in red on Wednesday after poor global cues as the market sentiments remain cautious ahead of the crucial US Fed meet. Fed Chief Jerome Powell was expected to deliver the policy statement at late Thursday (US time) during the Federal Open Market Committee meet.

Experts said that Indian market is experiencing a breakdown of the early Santa Claus rally with the impact being more pronounced in India compared to developed markets because of the rapid appreciation of the dollar.

Market sentiment is cautious, and this is further influenced by India's premium valuation that is significantly above the current earnings growth trajectory that has slowed over the last two quarters.

Heavy selling was seen in the media, PSE, PSU Bank, financial service, metal, private bank and commodities sectors of the Nifty at the end of trading on Wednesday.

At closing Sensex settled at 80,182.20 down by 502.25 points, or 0.62 per cent and Nifty ended at 24,198.85 down by 137.15 points, or 0.56 per cent.

Nifty Bank closed at 52,139.55 with a fall of 695.25 points or 1.32 per cent. Nifty Midcap 100 closed at 58,723.25 after losing 378.65 points or 0.64 per cent.
Nifty Smallcap 100 index closed at 19,230.35 after losing 168.10 points or 0.87 per cent.

The shares have emerged greenish at 1,447 on the Bombay Stock Exchange while having ended red at 2,558 and without a change in 94 on the counter.

Sector wise, the buying has taken place on the Nifty in pharma, health care, and IT sector.

In the Sensex pack, Tata Motors (NS:TAMO), Power Grid (NS:PGRD), NTPC (NS:NTPC), JSW Steel (NS:JSTL), ICICI Bank (NS:ICBK), L&T, Bajaj Finance (NS:BJFN), HDFC Bank (NS:HDBK), Axis Bank (NS:AXBK) and SBI (NS:SBI) were the top loser. While TCS (NS:TCS), Sun Pharma (NS:SUN), Tech Mahindra (NS:TEML), HCL Tech (NS:HCLT), M&M (NS:MAHM), ITC (NS:ITC) and Infosys (NS:INFY) were the top gainers.

The rupee closed at 84.95, which is its all-time low against dollar.