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Sensex, Nifty end with losses for fourth-day running, eyes now on US Fed decision on interest rate

Sensex fell 152 points or 0.29% to settle at 52,541 points while the NSE Nifty 50 index closed just below 15,700.

Bank Nifty outperformed and India VIX ended in the red. (Image: REUTERS)

Bears continue to dominate domestic markets as headline indices moved lower for the fourth day running on Wednesday. Sensex and Nifty danced between gains and losses but ended the volatile day in the red. Sensex fell 152 points or 0.29% to settle at 52,541 points while the NSE Nifty 50 index closed just below 15,700. Bajaj Finserv was up 4.24% as the best performing Sensex stock, followed by Bajaj Finance, Tata Steel, and L&T. In the red were NTPC, Infosys, Reliance Industries, and HUL. Bank Nifty outperformed and India VIX ended in the red. Tomorrow stock markets will react to the US Federal Reserve’s decision that is due to be out later today.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Post the US Fed meet outcome this evening Indian time, Nifty could either open gap down below 15500 or gap up above 15886. A downside breakdown could result in follow-through selling while an upside breakout will have to face selling pressure at highs.”

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities –

“The volatility continued in the Nifty index ahead of the crucial US FOMC meet outcome. The index lower-end support stands at 15,500 where fresh put writing has been observed and if fails to sustain above it will witness further selling pressure. The upper-end resistance stands at 16,000 where the highest open interest is built up on the call side.”

Mohit Nigam, Head – PMS, Hem Securities –

“The market breadth is skewed in the favour of bears. About 667 stocks advanced, 2,831 declined and 115 remained unchanged.  In the 50-share pack, Nestle was the biggest gainer, up 0.47% per cent. Bajaj Finserv was the top loser in the pack, down by 7.08 per cent. Bajaj Finance, Indusind Bank and Tech Mahindra were other top losers in the Nifty 50 pack. Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Looming fears of stagflation and volatility ahead of the Fed meeting decision forced the market to close flat with a negative bias. The aggressive rate hike of 50-75 bps is mostly factored by the market but updated economic and interest rate forecasts to be detailed by the central bank’s will closely control the future trend.”

Ajit Mishra, VP – Research, Religare Broking –

“All eyes would be on the US Fed meet outcome. The street seems to be divided over the quantum of rate hike between 50-75 bps. Apart from this, commentary from the US Fed would also be actively tracked by the investors. Meanwhile, participants should remain light and wait for clarity.”

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