The decrease was driven by losses in IT equities and muted global market trends, as investors awaited the US Federal Reserve's interest rate announcement.
Representative image
The Indian benchmark market indices dipped in early trading on Wednesday, following a record surge. The decrease was driven by losses in IT equities and muted global market trends, as investors awaited the US Federal Reserve's interest rate announcement, reported PTI.
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According to the report, the 30-share BSE Sensex declined 130.24 points to 82,949.42, and the NSE Nifty dropped 37.75 points to 25,380.80. The biggest decliners among Sensex corporations were Tech Mahindra, Infosys, Tata Consultancy Services, HCL Technologies, Asian Paints, and Sun Pharma. In contrast, Bajaj Finance, ITC, Bajaj Finserv, and HDFC Bank experienced growth.
Asian markets produced mixed outcomes, with Tokyo rising and Shanghai falling. The US markets closed with mixed results on Tuesday, reflecting cautious sentiment ahead of the Fed's rate announcement, the report stated.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is eagerly anticipating the Fed's comments, which are expected to be as crucial as the rate decision itself.
"The significance of the Fed rate decision expected tonight is evident from the wait and watch market mood across the globe yesterday. Perhaps more important than the Fed action would be the Fed commentary and the message," V K Vijayakumar told the news agency.
Reportedly, Foreign Institutional Investors (FIIs) became net buyers on Tuesday, purchasing equities worth Rs 482.69 crore, according to exchange data. Meanwhile, the global oil benchmark Brent crude fell by 0.46 percent to USD 73.36 a barrel.
Meanwhile, on Tuesday, the benchmark Sensex rose by nearly 91 points and closed at a fresh high while Nifty settled above the 25,400 mark for the first time in a rage-bound trade, stated another PTI report.
The 30-share BSE Sensex continued its record-breaking day by rising 90.88 points, or 0.11 per cent, to close at a new high of 83,079.66 on Tuesday. For the first time, the main index settled over the 83,000 mark. It increased to 83,152.41 during the day by 163.63 points or 0.19 per cent.
At 25,418.55, its record closing high, the NSE Nifty settled over the 25,400 barrier for the first time, gaining 34.80 points, or 0.14 per cent.
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