Sensex sheds nearly 800 pts ahead of Fed outcome, Nifty ends near 19,900

Sensex sheds nearly 800 pts ahead of Fed outcome, Nifty ends near 19,900

Ira Singh
20 Sep’23

The Indian equity benchmark indices ended lower for the second consecutive session on Wednesday in tandem with weak trends in global markets ahead of the US Federal Reserve’s interest rate decision. Foreign fund outflows and a weak trend in index major HDFC Bank also added to the overall bearish trend.

At close,the Sensex was down 796 points or 1.18 percent at 66,800.84, and the Nifty was down 231.90 points or 1.15 percent at 19,901.40.

Stocks and Sectors

Power Grid Corporation, Coal India, ONGC, Sun Pharma and Eicher Motors were the biggest gainers on the Nifty while losers included HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance.

On the sectoral front, except power all other indices ended in the red with bank, metal and realty down one percent each.

The BSE midcap index shed 0.30 percent and Smallcap index declined 0.5 percent.

On 20 Sep’23,the Indian rupee rose 20 paise to close at 83.07 against the US dollar as likely dollar sales by the Reserve Bank of India and easing crude oil prices prevented the currency from hitting a record low.

Experts Take:
Market experts have recommended six stocks to buy for Wednesday- TCS, Bank of Baroda, Bajaj Finserv, Sun TV, ZEEL and Asahi India.