Indian market closes negative on Wednesday

Nifty hits record high in morning trade, Sensex surges 191 points

Investors seem to be cautious after the US Federal Reserve left interest rates unchanged on Wednesday but signalled it still expects one rate hike by the end of the year despite recent weak US inflation readings.

Andhra Bank Ltd fell more than 4 percent and Oriental Bank of Commerce Ltd declined 2.9 percent after eight straight sessions of gains.

Driven by stronger rupee and revival of buying interest of foreign investors amid abundant liquidity, the NSE Nifty closed at 10,153.10 - a new peak - up 67.70 points, or 0.67 per cent, after shuttling between 10,171.70 and 10,131.30.

The broader NSE index was down 0.44 percent at 10,096.65 as of 0608 GMT, while the benchmark BSE index was 0.36 percent lower at 32,284.01.

The Sensex touched a high of 32,524.11 points and a low of 32,358.63 points during intra-day trade.

Shares of Dr. Reddy's Laboratories advanced 7.5% to close at Rs 2,486.5 on Thursday after the drugmaker received an EIR (Establishment Inspection Report) from the United States food and drug regulator for it's Srikakulam plant.

The US Federal Reserve's historic overnight decision rattled overall forex market sentiment, triggering panic dollar buying from corporates and importers. "Major Asian markets ended on a mixed note, while European indices like FTSE 100, DAX and CAC 40 traded higher", said Jasani.

"However, market gradually recovered from low as liquidity was driven to export oriented sectors like IT and pharma to take the benefit of the dollar and of regulatory approvals", Nair added.

On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise. Domestic institutional investors (DIIs) showed support by taking shares worth a net Rs 775.61 crore while foreign portfolio investors (FPIs) discarded equities worth Rs 96.92 crore yesterday, according to provisional data.

On Thursday, Asian indices were mostly showing a positive trend.

The S&P BSE Mid-Cap index provisionally fell 0.34%.

Losers involved Bharti Airtel (Rs 394 per piece), Coal India (Rs 254.95 per piece), ICICI Bank (Rs 289.40 per piece), Power Grid (Rs 211.95 per piece), ONGC (Rs 166.90 per piece) and HDFC Bank (Rs 1846 per piece) trading negative in the range of 0.10% - 0.70%.

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