The benchmark indices, the Sensex and Nifty, concluded the day in negative territory, indicating a bearish trend in the stock market, which closed in the red on Tuesday.
The Sensex saw a significant decline of 237.72 points, closing at 63,874.93. Likewise, the Nifty dropped by 61.30 points to settle at 19,079.60. Among the Nifty companies, there were 26 advances and 24 declines, indicating a mixed performance across various sectors.
In the Nifty index, notable gainers included SBI Life, Titan, HDFC Life, Kotak Bank, and Asian Paints.
On the other hand, Sun Pharma, M&M, Eicher Motors, LITMindtree, and ONGC were among the top losers.
Profit Idea’s founder and managing director, Varun Aggarwal, stated: “It is generally anticipated that Fed Chair Jerome Powell and the other members of the governing body will maintain current rates. The US market closed cautiously in flat/negative territory despite the oil price dropping to a 1-month low at below USD88/bbl and the US market rising by over 1%, the largest gain in five months. The US Dow Jones Index rose 500 points due to a mixed bag of US economic data, a decline in commodity prices, and the anticipation of US Fed policy decisions. However, the market is closely watching the US Fed’s two-day policy meeting, which begins today and will reveal the policy outcome regarding interest rate decisions tomorrow.