Indian stock market opened nearly flat on Wednesday, tracking global cues, as the US Fed Reserve policy announcement is scheduled tonight. While the BSE Sensex was trading in the green, the broader market NSE Nifty 50 was trading in the red around the opening time. 

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BSE Sensex opened 9.16 points or 0.02 per cent higher at 52782.2, while Nifty 50 declined by 21.80 points or 0.14 per cent to 15847.5 today. Similarly, other indices including Nifty Bank slipped too by 51.45 points or 0.15 per cent to 35196.30. The mid-cap index was down 12 points or 0.04 points to 27352.3 around this time. 

Of the 50 scrips on Nifty 50, 21 advanced, and 29 declined during the early morning trade. Metal stocks tumbled most during the start of Wednesday’s sessions as Hindalco, JSW Steel, and Tata Steel each declined by below one per cent, while Adani Ports and Tata Motors also declined by almost 1 per cent. 

On the other hand, ONGC gained most among the Nifty 50 shares minutes after the markets opened on Wednesday. It soared by over 1 per cent, followed by Bajaj Finserv and M&M each up around half a per cent. 

Except for Nifty Metal, Nifty IT and Nifty Pharma, all other sectoral indices were trading in the green. Nifty PSU Bank surged most by over one per cent, led by Indian Bank and Nifty Metal declined most by around 0.15 per cent, dragged by Adani Enterprises during the early trade on Wednesday’s session. 

The global markets, especially US markets closed in the red on Tuesday as Dow Jones lost 100 points while Nasdaq also closed lower by 100 points after seeing green closes for the last three days. Similarly, Asian markets were trading marginally lower and expected to trade sideways till the Fed Reserve policy tonight. 

Another important trigger for the domestic market is a foreign fund, Foreign Institutional Investors bought shares worth Rs 633.69 crore in cash, while sold Rs 666.36 crores in index futures.

(Authored by Vaibhav Bansode)