Nifty, Sensex Slide Amid High Crude Prices, US Fed Policy Decision

Indian equity markets opened sharply lower on Wednesday as elevated crude oil prices and the upcoming US Federal Reserve policy decision kept investors cautious.

At 9.23 am, the BSE Sensex fell 684 points, or 0.93 per cent, to 72,914, while the NSE Nifty declined 167 points, or 0.74 per cent, to 22,581.

Broader markets showed a mixed trend, with the Nifty Midcap 100 slipping 0.39 per cent, while the Nifty Smallcap 100 edged up 0.06 per cent.

Most sectoral indices traded in the red, with the Nifty Auto gaining 0.36 per cent. The Nifty IT index dropped 3.2 per cent, while the Nifty FMCG index declined 1.63 per cent.

Investors are tracking the US Federal Reserve’s policy decision and quarterly corporate earnings, which analysts expect to influence market direction and volatility.

The Nifty closed 0.02 per cent lower at 22,749, with support at 22,500–22,550 and resistance at 22,850–22,900. Bank Nifty fell 0.72 per cent to 53,974, with support at 53,800–54,000 and resistance at 54,600–54,800.

Asian markets traded higher, with China’s Shanghai index rising 0.87 per cent and Shenzhen gaining 2.19 per cent. Japan’s Nikkei advanced 1.26 per cent, Hong Kong’s Hang Seng climbed 0.38 per cent, while South Korea’s Kospi surged 6.2 per cent.

On Wall Street, US markets closed in positive territory overnight. The Nasdaq gained 1.18 per cent, the S&P 500 rose 0.6 per cent, and the Dow Jones edged up 0.03 per cent.

Meanwhile, foreign institutional investors (FIIs) were net buyers of Indian equities worth ₹4,240 crore on October 27, while domestic institutional investors (DIIs) sold shares worth ₹1,250 crore.

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