The BSE Sensex and Nifty extended losses for a third consecutive session as investors remained cautious ahead of the conclusion of the US Federal Reserve’s meeting later in the day and the expiry of monthly derivatives contracts back home on Thursday. Sensex closed 213.68 points down at 27,039.76. Nifty closed 61.70 points down at 8,171.

In the 50-share index, Cipla, Kotak Mahindra Bank, Tech Mahindra, Ambuja Cements and ONGC gained between 1.40 per cent and 2.55 per cent. On the other hand, Axis Bank, ICICI Bank, Adani Ports, IndusInd Bank and YES Bank slid between 3 per cent and 7.20 per cent.

The major losers for the day in the BSE sectoral indices were BSE Bankex and BSE Power index, which ended down around 2.53 per cent and 1.48 per cent, respectively. Buying were seen in BSE Consumer Durables index and BSE TECk index which closed 1.63 per cent and 0.37 per cent up at 11,777 and 6,201, respectively.

“Getting some clarity from the Fed on rates could give the markets some bounce,” G Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm said.

Axis Bank share price fell as much as 8.50 per cent despite posting July-September profit in line with expectations on Tuesday, as investors reacted to a sale of loans to asset reconstruction companies at steep discounts.

Bharat Electronics, Bharat Forge, Crompton Greaves, Dishman Pharmaceuticals, Dr Reddy’s Labs and Emami are some of companies which may announce their earnings on Thursday.

Jewellary stocks too remained in jubilant mood after a report that India regained its top position from China as the biggest overall consumer of gold in the first nine months this year with a total consumption of 642 tonnes. Tribhovandas Bhimji Zaveri gained 2.94 per cent, Titan advanced 2.97 per cent and PC Jeweller surged by over 8 per cent.

On the global front, following the overnight weakness in the US markets, Asian markets too ended lower led by the Chinese market as investors’ awaited commentary from the Federal Reserve. The Japanese market though bucked the trend and despite paring gains, ended higher for the day on some good earnings and as yen weakened. The European markets though made a modestly positive start after Sweden’s Central bank keeping benchmark rate unchanged expanded its bond-purchase plan for a fourth time since February.

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Markets through the day

3.30 pm: Sensex closed 213.68 points down at 27,039.76. Nifty closed 61.70 points down at 8,171.

2.55 pm: European shares edged higher in early deals on Wednesday, buoyed by a new batch of company earnings reports before a Federal Reserve policy decision later in the day. 

2.48 pm: Sensex was down 316 points at 26,937. Nifty was down 94 points at 8,138.35. The BSE Bankex was down over 3 per cent in the afternoon trade.

2.21 pm: FMCG major Dabur on Wednesday registered 18.7 per cent rise in consolidated net profit at Rs 341.1 crore for the second quarter ended September 30, on account of robust growth in key consumer categories like toothpastes, hair oils and home care. The share price of Dabur was down 0.22 per cent at Rs 270.30. Sensex was down 242 points at 27,010.

2.02 pm: Exide Industries announced its Q2 results on Wednesday. The company posted a net profit of Rs 156.06 core for the quarter ended September 30, 2015 as compared to Rs 125.76 crore for the quarter ended September 30, 2014. However, total Income decreased from Rs 1,769.61 crore for the quarter ended September 30, 2014 to Rs 1,747.40 crore for the quarter ended September 30, 2015. The share price of Exide Industries were up 0.53 per cent at Rs 162.

1.45 pm: Domestic equity markets continue to reel under pressure in the afternoon trade with Sensex and Nifty declining below their crucial 27,000 and 8,200 marks, respectively.

1.29 pm: InterGlobe Aviation Ltd filled the orderbook for its up to Rs 3,020 crore initial public offering in the second day of bookbuilding, signalling strong demand from investors. It had received orders for 32.5 million shares as of 1300 India time, according to data from exchanges National Stock Exchange and BSE. The owner of IndiGo is selling 30.1 million shares at between Rs 700 to Rs 765 each via the exchanges. It will close its order book on Thursday.

1.17 pm: Sensex was trading 253.65 points down at 26,999.79. NSE Nifty was trading 70.70 points down at 8,162.20.

1.04 pm: Sensex trading 222.66 points down at 27,030.78. Nifty down 64.25 points at 8,168.65. BSE Bankex index down 1.95 per cent.

12.26 pm: Meanwhile, Sun TV reported 41.37 per cent jump in net profit at Rs 218.38 crore for the quarter ended September 30, 2015, on the back higher advertisement revenue. Shares of Sun TV were trading 2.43 per cent down at Rs 376 apiece. Sensex was down 146 points at 27,107.

12.02 pm: Shares of textile firm Trident on Wednesday surged nearly 9 per cent after the company reported over two-fold increase in standalone net profit for the second quarter ended September 30, 2015. Sensex was down 150 points at 27,103. Nifty was down 39.15 points at 8,193.75.

11.30 am: Shares of engineering solutions provider Thermax Ltd today slumped 5 per cent after the company reported 24.6 per cent plunge in standalone net profit for the quarter ended September 30, 2015. Sensex was down 134.19 points at 27,119.

11.00 am: Amongst the Sensex companies , Bharati Airtel was the biggest gainer as its shares went up by 1.3 per cent. Investment banking firm Barclays said in a note to investors published on October 27 that although the quarterly earnings of the telecom company are inline with the expectations , the near term prospects remain muted.” Bharti Airtel’s 2Q results were largely in line with our expectations with consolidated EBITDA of Rs81.6bn. Profitability in India was in line with expectation at 38.6%, but revenues were lower due to weaker voice pricing trends. Voice pricing remains tough and there appears to be continuing downward pressure. the lack of voice pricing actions (industry-wide) could be a drag on potential cash flows,” the report said.

10.50 am: Brokers said continued selling by investors, taking cues from weak Asian markets following overnight losses at the US markets ahead of a policy statement from the Federal Reserve dampened sentiments here. Sensex was down 144.82 points at 27,108.

10.22 am: Meanwhile, Axis Bank shares fell as much as 7.6 per cent to its lowest since Sept 15. Axis Bank posted July-September profit in line with expectations but sparks worries after selling loans to asset reconstruction companies at steep discount.  Citigroup says loans were “aggressively” marked down, raising concerns about asset recognition/sales. Axis Bank shares were trading trading 5.58 per cent down at Rs 492.20. Sensex was down 103 points at 27,150.

9.50 am: The rupee weakened by 12 paise to 65.09 against the dollar in early trade due to month-end demand for the US currency from importers.

9.36 am: SKS Microfinance shares jumped as much as 3.71 per cent in the early trade on Wednesday after the company informed stock exchanges that MUDRA (Micro Units Development & Refinance Agency Limited ) has sanctioned a refinance line of Rs 100 crore at 10% per annum to SKS Microfinance Limited.

9.31 am: According to the data released by the NSE, Foreign Institutional Investors (FIIs) were net sellers of Rs 463.14 crore in index futures and options segments, as per Tuesday’s data. FIIs were net buyers of index futures to the tune of Rs 624.28 crore and they sold index options worth Rs 1087.42 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 644.99 crore, while they bought stock options worth Rs 62.47 crore. Sensex was down 126.69 points at 27,126.

Domestic equity markets opened in red on Wednesday tracking weak global cues. Sensex opened 121.73 points down at 27,131.71. Nifty opened 44 points down at 8,188.90.

In the 30-share index, Axis Bank was trading over 6 per cent down at Rs 488.80 in the opening trade. HDFC Bank was up 0.66 per cent at Rs 1118.10.

Dabur, TRF, Indian Hume Pipe, Nelco, Greenply, Ambuja Cements, Shanti Gears, JSW Energy, Tata Elxsi, Torrent Power, Syndicate Bank, Just Dial and ABCIL are some of companies which may announce their earnings on Wednesday.

Benchmark indices fell for the second consecutive session on Tuesday. Sensex closed 108.52 points, or 0.40 per cent, down at 27,253.44 while Nifty closed 27.65 points, or 0.33 per cent, down at 8,232.90.

(With inputs from agencies)