Nifty slips below 8,700; Tata Motors skids 2%

Benchmark indices have extended losses amid choppy trades weighed down by auto and financial shares.

Investors have turned cautious ahead of the outcome of the US Federal Reserve’s stance on interest rates at its two-day policy meet which ends today

By 9:50AM, the 30-share Sensex was lower by 108 points at 28,629 and the Nifty dipped 33 points at 8,690.

The top losers on the Sensex are Hindalco, Tata Motors, M&M, HUL, Dr Reddy’s Labs, HDFC and ICICI Bank.  

Updated at 9:30

Markets are trading flat after opening marginally higher as investors remained cautious ahead of the outcome of the US Federal Reserve’s stance on interest rates at its two-day policy meet which ends later today.

By 9:30AM, the 30-share Sensex was lower by 35.39 points at 28,700.99 and the Nifty dipped 10.55 points at 8,712.75.

Among the broader markets, BSE Midcap and Smallcap indices are up 0.1-0.3%. Market breadth is positive with 764 gainers and 557 losers on the BSE.

According to Angel Broking report, “The trend deciding level for the day is 28,652/8,699 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,869 – 29,001/8,767 – 8,811 levels. However, if NIFTY trades below 28,652/8,699 levels for the first half-an-hour of trade then it may correct towards 28,520 – 28,303/8,655 – 8,587 levels”.

Further, IMF chief Christine Lagarde warned of a repeat of high market volatility and capital outflows when US Fed hikes rates next time and asked India and other emerging markets to be prepared for such an eventuality.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 265.52 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 243.69 crore yesterday, as per provisional data.


Asian stocks dipped and the dollar marked time on Wednesday, with markets fixed on the Federal Reserve’s policy statement due later in the session for clues to when the Fed will hike interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1%, tracking Wall Street shares which fell overnight as nervousness increased ahead of the Fed’s statement. Australian shares shed 0.4%, while Japan’s Nikkei was flat.


BSE Metal and Healthcare indices are up over 0.5%. Sectors like Capital Goods, IT, Oil & Gas and Power are trading marginally positive. However, BSE Consumer Durables and Realty indices are trading marginally lower.

Sesa Sterlite is the top Sensex gainers, up 3% after mining operations would resume in Goa after the Centre on Tuesday revoked its earlier order suspending all environmental clearances of mines.

Other notable gainers are GAIL, Cipla, Infosys, L&T, NTPC and RIL, all gaining between 0.3-1%.

Jindal Steel has rebounded in trades today after witnessing steel fall yesterday. The company in a statement said it has not received any communication from the government with regard to re-examination of of Gare Palma IV/2 & IV/3 or Tara coal blocks which have been won by its subsidiary Jindal Power Limited (JPL).

On the losing side, Tata Motors is the top Sensex loser, down nearly 1%. Tata Motors global wholesales in February 2015 including Jaguar Land Rover rose 5% over February.

Inox Wind IPO in the price band of Rs 315-325 per share with a discount of Rs 15 a share for retail investors opens today. It peer Suzlon Energy could see some action as data on subscriptions to the IPO are released.