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Benchmark indices fell in early trade on May 3, halting their eight days of rally, forward of the U.S. Federal Reserve’s interest rate decision and weak international market tendencies.
Also, fall in index majors Reliance Industries, ICICI Bank, Infosys and HDFC added to the weak pattern in equities.
The 30-share BSE Sensex declined 330.27 factors to 61,024.44. The broader NSE Nifty fell 97.05 factors to 18,050.60.
From the Sensex corporations, Tech Mahindra, Infosys, Reliance Industries, Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank and HDFC have been the key laggards.
NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid and Tata Motors have been among the many gainers.
In Asian markets, Seoul and Hong Kong traded decrease, whereas Shanghai quoted in the inexperienced. The U.S. markets had ended decrease on Tuesday.
“Key indices are likely to be under pressure in early trade ahead of the U.S. Fed meeting on interest rate later today. Investors are likely to exercise caution as global equity markets too are trending lower fearing any further rate hike could push key economies into recession and temper growth going ahead,” Prashanth Tapse, Senior VP (Research), Mehta Equities Limited stated in his pre-market opening quote.
Rallying for the eighth straight day, the BSE benchmark had climbed 242.27 factors or 0.40% to settle at 61,354.71 on Tuesday. The Nifty went up 82.65 factors or 0.46% to complete at 18,147.65.
Meanwhile, international oil benchmark Brent crude climbed 0.03% to $75.34 per barrel.
Foreign Institutional Investors (FIIs) have been web consumers on Tuesday as they purchased equities value ₹1,997.35 crore, in accordance with alternate information.
