Mumbai: Indian equity markets opened on a subdued note on Wednesday, with the Sensex falling 149.31 points to 80,535.14 in early trade. The Nifty 50 also saw a decline, shedding 62.9 points to settle at 24,273.10.
The 30-share BSE Sensex dropped 149.31 points to 80,535.14 in early trade, while the NSE Nifty slid 62.9 points to 24,273.10.
Among the major laggards from the Sensex pack were Tata Motors, Power Grid, Larsen & Toubro, Adani Ports, Maruti, and NTPC, while stocks such as Reliance Industries, HCL Technologies, Tech Mahindra, Hindustan Unilever, Asian Paints, and ITC gained.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 6,409.86 crore on Tuesday, according to exchange data. Analysts highlighted that the near-term market outlook has turned weak, with FIIs turning sellers during market rallies. “The massive FII sell-off of Rs 6,410 crore in the cash market signals that more selling could follow on market bounces,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global focus shifts to the U.S. Federal Reserve’s interest rate decision, expected later today. Markets have priced in a 25 basis point rate cut, but investors are closely watching the Fed’s commentary for further guidance.
In Asian markets, Seoul, Shanghai, and Hong Kong saw gains, while Tokyo was trading lower. Wall Street closed lower on Tuesday.