Markets open flat: Sensex down 100 points, Nifty below 15,850; ONGC gains, Adani stocks down

The stock market opened on a subdued note on Wednesday tracking tepid global cues ahead of the US Federal Reserve's policy outcome. The benchmark indices were down. At the opening bell Sensex was down 120.25 points or 0.23 percent at 52,652.80. The Nifty50 was 38 points down or 0.24 percent at 15,831.25.

The 30-share BSE index was trading 90.5 points or 0.17 per cent lower at 52,682.55 in initial deals. Similarly, the broader NSE Nifty slipped 23.55 points or 0.15 per cent to 15,845.70.

ONGC was up 1.32 percent at Rs 127. PowerGrid was the top loser in the Sensex pack, shedding around 1 percent, followed by Dr Reddy’s, Titan, HDFC Bank, Asian Paints, Reliance Industries and Axis Bank. Adani Ports was the biggest loser among Nifty50 stocks. It was down (-)1.65 percent at Rs 749.30.

In the previous session, the BSE Sensex quoted higher by 221.52 points or 0.42 percent at a new peak of 52,773.05. Likewise, the broader NSE Nifty rose 57.40 points or 0.36 percent to settle at a fresh high of 15,869.25.

Asian markets struggle

Asian markets struggled for direction in Wednesday morning trade as investors looked ahead to data releases in China as well as the US Federal Reserve's interest decision. In Japan, the Nikkei slipped 0.27 percent while the Topix index gained 0.17 percent while the Topix index gained 0.17 percent. South Korea’s Kospi edged half a per cent higher.

US stock indices fell on Wall Street in overnight trade ahead of US Fed meeting. The Dow Jones Industrial Average fell 0.27 percent, the S&P 500 lost 0.20 percent, and the Nasdaq Composite dropped 0.71 percent

Companies announcing quarterly results

Key companies announcing their quarterly results today includes RITES, Asahi India Glass, CESC, Commercial Syn Bags, DIC India, Kakatiya Cement Sugar. Immediate support and resistance for Nifty 50 are 15,800 and 16000 respectively. US Fed meeting commentary is going to be the key factor deciding the direction of the market in the short term.

Fuel prices hiked

Petrol and diesel prices in the country were hiked again by oil marketing companies (OMCs) on Wednesday after a day’s gap. The hike - 25th since May 4 - took fuel prices across the country to a historic high.

Petrol price was hiked by 25 paise per litre and diesel by 13 paise, according to a price notification of state-owned fuel retailers.

In Delhi, petrol hit an all-time high of Rs 96.66 a litre, while diesel is now priced at Rs 87.41 per litre. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

In Mumbai, the price of petrol and diesel stood at Rs 102.82 and Rs 94.84 per litre respectively. The price of petrol and diesel in Chennai was Rs 97.91 and Rs 92.04 per litre respectively and Rs 96.58 and Rs 90.25 per litre in Kolkata.

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