Sensex, Nifty decline ahead of US Fed policy outcome

Equity benchmark Sensex fell over 90 points in early trade on Wednesday, weighed down by heavyweight Reliance Industries and financial stocks, with investors awaiting the US Federal Reserve's policy statement due later in the day.

The 30-share BSE index was trading 90.5 points or 0.17 per cent lower at 52,682.55 in initial deals. Similarly, the broader NSE Nifty slipped 23.55 points or 0.15 per cent to 15,845.70.

PowerGrid was the top loser in the Sensex pack, shedding around 1 per cent, followed by Dr Reddy’s, Titan, HDFC Bank, Asian Paints, Reliance Industries and Axis Bank.

On the other hand, ONGC, M&M, Bajaj Finserv, Hindustan Unilever, TCS and Infosys were among the gainers.

In the previous session, the BSE Sensex quoted higher by 221.52 points or 0.42 per cent at a new peak of 52,773.05. Likewise, the broader NSE Nifty rose 57.40 points or 0.36 per cent to settle at a fresh high of 15,869.25.

The blue-chip NSE Nifty 50 index fell 0.17 per cent to 15,843.20 and the benchmark S&P BSE Sensex was down 0.16 per cent to 52,683.13 by 0348 GMT. Both the indexes closed at a record high on Tuesday.

In Mumbai trading, Reliance Industries Ltd, HDFC Bank Ltd and ICICI Bank Ltd were the top drags on the Nifty 50, shedding between 0.4 per cent and 0.6 per cent. Shares of Reliance have gained in the last five trading sessions out of eight.

Elsewhere in Asia, bourses in Tokyo, Shanghai and Hong Kong were trading on a negative note in mid-session deals, while Seoul was trading with gains.

US equities finished lower in the previous session ahead of the outcome of the Fed policy meeting on Wednesday.

Foreign institutional investors (FIIs) emerged as net buyers in the capital market as they bought shares worth Rs 633.69 crore on Tuesday, as per provisional exchange data.

International oil benchmark Brent crude was trading 0.95 per cent higher at $74.69 per barrel.

(With Reuters inputs)