Ahead of Market: 10 things that will decide stock market action on Wednesday
HDFC Bank and ICICI Bank, along with declines in blue-chip stocks like Reliance Industries and Bharti Airtel weighed on the benchmarks.
The benchmark BSE Sensex lost 1064.12 points or 1.30% to settle at 80,684.45, while the broader Nifty 50 index closed at 24,336.00, lower by 332.25 points or 1.35%.
Here's how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said the widespread pessimism prevailed across all sectors ahead of key policy decisions from the US Fed, BoJ, and BoE, said Vinod Nair, Head of Research at Geojit Financial Services.
“While the market has already factored in a 25 bps cut from the US Fed, it remains vigilant for any hawkish signals. The BoJ and BoE are largely expected to maintain their current rates for the year. Concurrently, the INR has depreciated to an all-time low, and a record-high trade deficit is exacerbating the pressure. FII outflows persist due to rising US bond yields and a strengthening dollar, further contributing to the prevailing pessimism," Nair added.
US markets
Wall Street stocks edged lower early Tuesday as investors awaited the Federal Reserve's interest rate decision and reacted to stronger-than-expected U.S. retail sales data.Retail sales rose 0.7% in November, surpassing the revised 0.5% increase in October and exceeding analysts' expectations.
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