Nifty, Sensex Post Sharp Losses Amid High Crude Prices

(MENAFN- IANS) Mumbai, Oct 28 (IANS) The Indian equity markets posted sharp losses early on Wednesday as elevated crude prices and the upcoming US Fed's policy decision kept investors cautious.

As of 9.23 am, Sensex declined 684 points, or 0.93 per cent, to reach 72,914 and Nifty lost 167 points, or 0.74 per cent, to reach 22,581.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.39 per cent, and the Nifty Smallcap 100 gained 0.06 per cent.

All sectoral indices on NSE traded in red, except Nifty auto, which rose 0.36 per cent. Nifty IT and FMCG were among top losers, down 3.2 per cent and 1.63 per cent, respectively.

Investors will track the US Federal Reserve's policy decision and quarterly earnings, which could influence market direction and volatility through the session, analysts said.

In the previous session, Nifty closed at 22,749, down 0.02 per cent, after an early recovery was capped by profit booking. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,850–22,900.

In the previous session, Bank Nifty closed at 53,974, down 0.72 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

In the Asian markets, China's Shanghai index added 0.87 per cent, and Shenzhen gained 2.19 per cent, Japan's Nikkei added 1.26 per cent, and Hong Kong's Hang Seng Index advanced 0.38 per cent. South Korea's Kospi added 6.2 per cent.

The US markets ended in green overnight as Nasdaq added 1.18 per cent, S&P 500 gained 0.6 per cent, and the Dow Jones inched up 0.03 per cent.

On October 27, foreign institutional investors (FIIs) net bought equities worth Rs 4,240 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,250 crore.

-IANS

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