Markets decline in early trade after 8-day rally; all eyes on US Fed interest rate decision

Published on: 03 May 2023 at 11:57 AM

Published by: The fact news

Mumbai, May 3

Benchmark indices fell in early trade on Wednesday, halting their eight days of rally, ahead of the US Federal Reserve’s interest rate decision and weak global market trends.

Also, fall in index majors Reliance Industries, ICICI Bank, Infosys and HDFC added to the weak trend in equities.

The 30-share BSE Sensex declined 330.27 points to 61,024.44. The broader NSE Nifty fell 97.05 points to 18,050.60.

From the Sensex firms, Tech Mahindra, Infosys, Reliance Industries, Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank and HDFC were the major laggards.

NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid and Tata Motors were among the gainers.

In Asian markets, Seoul and Hong Kong traded lower, while Shanghai quoted in the green.

The US markets had ended lower on Tuesday.

Rallying for the eighth straight day, the BSE benchmark had climbed 242.27 points or 0.40 percent to settle at 61,354.71 on Tuesday. The Nifty went up 82.65 points or 0.46 per cent to finish at 18,147.65.

Meanwhile, global oil benchmark Brent crude climbed 0.03 percent to USD 75.34 per barrel.

Foreign Institutional Investors were net buyers on Tuesday as they bought equities worth Rs 1,997.35 crore, according to exchange data.