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market watch: Market Watch: Downside may be limited in near term

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Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

The domestic benchmark indices closed lower on Wednesday ahead of the US Federal Reserve’s policy meeting outcome. The selling pressure was seen across sectors.

The 30-share Sensex declined 262.96 points to end at 59,456.78. Its broader peer, Nifty50, ended at 17,718.35, up 97.90 points.

IndusInd Bank was the biggest loser from the 30-share pack, falling 3.19 per cent to Rs 1,223.90. Power Grid was down 2.64 per cent, UltraTech Cement declined 2.40 per cent, and L&T fell 1.88 per cent. NTPC, HCL Tech, Dr Reddys Labs and TCS were among the laggards.

Sectorally, the Nifty Metal index fell 2.09 per cent, while Nifty Pharma plunged 1.39 per cent. Nifty Midcap50 and Smallcap50 declined 0.61 per cent and 0.78 per cent, respectively.

Earlier in the day, Asian markets ended lower, China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikkei fell 0.17 per cent, 0.87 per cent and 1.36 per cent, respectively.

The market capitalisation of all listed companies on BSE declined Rs 2.23 lakh crore to Rs 281.19 lakh crore from Rs 283.42 lakh crore on Tuesday.

The market breadth was skewed in favour of bears. About 2,173 declined, 1,286 stocks gained, and 128 remained unchanged.

Mr Sahaj Agrawal of Kotak Securities said FII positions suggest reduction in net shorts which may limit downside in near term.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.

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