Stock markets update: Equity benchmark indices declined in early trade on Wednesday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 130.24 points to 82,949.42. Meanwhile, the Nifty also declined 37.75 points to 25,380.80.
Experts pointed out that the markets are showing signs of a 50 bps cut ahead of the Fed rate cut announcement on Wednesday late night India time. The recent retail sales data from the US also showed positive signs. In the sectoral indices on NSE, Nifty Bank, Nifty Auto, Nifty Metal, and Nifty Media faced pressure, while Nifty FMCG and Nifty Pharma surged marginally.
The Bajaj Housing Finance share continues to gain after a marginal decline in opening in early trade on Wednesday, the stock trading at Rs 184 surging more than 2 per cent. Major Asian markets were trading positively on Wednesday, except Taiwan's index, which showed flat movement. Japan's Nikkei 225 gained 0.71 per cent, and Indonesia's Jakarta Composite was also in the green with a marginal surge of 0.11 per cent. South Korea and Hong Kong's markets were closed.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday as they bought equities worth Rs 482.69 crore, according to exchange data. Global oil benchmark Brent crude declined 0.46 per cent to USD 73.36 a barrel.
(With inputs from agencies)
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