Sensex declines 78 points; Nifty ends below 17,550

Prime News, National and International, Business, Mumbai, September 22:- Equity benchmark Sensex ended 78 points lower after a choppy session on Wednesday (September 22), tracking losses in index majors HDFC twins, ICICI Bank and Kotak Bank as investors turned cautious ahead of the US Fed’s policy decision.

The 30-share BSE index slipped 77.94 points or 0.13 percent to close at 58,927.33. The NSE Nifty declined 15.35 points or 0.09 percent to 17,546.65.

HDFC was the top loser in the Sensex pack, shedding over 1 percent, followed by Nestle India, ICICI Bank, Kotak Bank and HDFC Bank.

On the other hand, Tech Mahindra, M&M, HCL Tech and Bajaj Auto were among the gainers.

Domestic benchmark indices traded in a range ahead of crucial FOMC meeting outcome tonight. Global markets also traded mixed with European markets witnessing sharp rebound, said Binod Modi, Head – Strategy at Reliance Securities.

Auto, IT, metal and realty stocks witnessed sharp rebound, while Nifty media index surged over 15 percent mainly led by the over 30 percent rally in Zee Entertainment following its merger deal with Sony Pictures, which is seen as quite positive for the company, he noted.

Further, he added that real estate stocks witnessed sharp uptick with Nifty realty index surging over 8 percent led by expectations of strong quarterly earnings due to healthy sales volume and sustained low interest rate scenario.

Elsewhere in Asia, bourses in Shanghai ended on a positive note, while Tokyo was in the red. Hong Kong and Seoul markets were closed for holidays.

Stock exchanges in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 1.12 percent to USD 75.19 per barrel. (Inputs: Agencies, NGB)

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