Mumbai, October 28 (TNA) Indian equity markets opened sharply lower on Wednesday, tracking weak signals from GIFT Nifty as investors remained cautious ahead of the US Federal Reserve’s policy decision.
The BSE Sensex fell nearly 369 points in early trade, while the Nifty 50 opened below the 22,700 mark. GIFT Nifty had indicated a possible gap-down opening, trading around 22,615 before the market opened.
The BSE Sensex fell nearly 369 points in early trade, while the Nifty 50 opened below the 22,700 mark. GIFT Nifty had indicated a possible gap-down opening, trading around 22,615 before the market opened.
Crude, Global Uncertainty Weigh
Market sentiment was hurt by elevated crude oil prices, geopolitical uncertainty and caution ahead of the US Federal Reserve’s decision. Higher oil prices are a concern for India because the country imports a large share of its crude requirements.
The weak opening followed a largely flat close in the previous session. On Tuesday, the Sensex ended at 73,598.67, while the Nifty 50 settled at 22,749.75.
Stocks in Focus
Investors were also tracking the listing of Jio Platforms, which had raised ₹30,213 crore through its initial public offering. Shares of companies including Larsen & Toubro, Maruti Suzuki, Steel Authority of India and Paras Healthcare were also in focus.
Broader market trends and developments in global equities are expected to influence trading during the session. Analysts have identified the 22,500–22,600 range as an important near-term support zone for the Nifty 50.