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Indian benchmark indices edged lower in trades on Wednesday ahead of the outcome of two-day US Fed meet which is expected to end today.
The 50-share Nifty settled below its important psychological level of 8,700 led by selling in blue chip stocks like ITC, TCS, HDFC, ICICI Bank and Infosys.
Meanwhile, the investors were cautious on the outcome of the two-day US Fed's FOMC meet which is expected to end today. Analysts expect US central bank to hike the interest rates sooner than earlier anticipated on the back of positive economic data suggesting that the world's largest economy is on a growth path.
A rate hike in US may trigger a selloff in the emerging markets like India as the money may flow out from equities to US bonds which will offer a higher and stable interest rate.
The rally in the Indian stock markets was fuelled by foreign investment in Indian equities as investors had invested over $16 billion in equities in 2014.
Meanwhile, Devang Shah, Portfolio Manager with Sharekhan told NDTV, "Nifty is moving in a thin range it has resistance around 8,750 and on the downside important support is at 8,600. If the Nifty breaks 8,600 it can fall further 8,550 levels. In the short term Nifty is looking bearish."
Power, IT, FMCG, capital goods and auto stocks dragged the benchmark indices in trades today. While, banking, metal and oil & gas pockets faced some amount of buying.
From the Nifty-50 basket of stocks 35 declined while 15 stocks advanced. NTPC was the top Nifty loser, down 3.5 per cent to Rs 152. BHEL, Wipro, ACC, Tech Mahindra, Tata Motors, Larsen & Toubro, HUL and Bharti Airtel also closed weaker by over 1 per cent each.
The overall breadth was negative as 1,584 stocks edged lower on the Bombay Stock Exchange while 1,263 stocks advanced.
The Sensex slipped 114 points to close at 28,622 and the 50-share Nifty declined 37 points to shut shop at 8,686.
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