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Sensex, Nifty Extend Losses For Fourth Day Ahead Of Fed Decision
(RTTNews) - Indian shares ended a choppy session lower on Wednesday, extending losses for a fourth straight session.
While caution ahead of the Fed's interest-rate decision weighed on sentiment the downside was capped by improved China data, falling oil prices and a rally in European markets on news that ECB policymakers will hold an emergency meeting later today to discuss the recent sell-off in government bond markets.
Investors awaited the Federal Reserve's interest-rate decision later in the day for clues on how aggressive the U.S. central bank intends to be in the coming months.
The consensus among Fed watchers is that the FOMC will raise its key Fed Funds rate by 50 bps later in the day.
A move of 75 basis points would be a surprise, given the deteriorating outlook for growth around the world.
The benchmark S&P BSE Sensex ended a choppy session down 152.18 points, or 0.29 percent, at 52,541.39 while the broader NSE Nifty index dropped 39.95 points, or 0.25 percent, to 15,692.15.
ONGC led losses to close 3.2 percent lower as oil extended overnight losses on data showing an unexpected rise in U.S. crude inventories last week.
Wipro, Reliance Industries, Infosys and NTPC declined 1-2 percent while Grasim, Hero MotoCorp and Tata Motors all surged around 2 percent.
Bajaj twins - Bajaj Finance and Bajaj Finserv rallied 2.2 percent and 4.2 percent, respectively.
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