At 9:20 am, the BSE Sensex index traded 303.87 points, or 0.58 per cent, lower at 52,198.11, while the broader NSE Nifty50 benchmark quoted at 15,673.75, down 94 points or 0.59 per cent.
“For Nifty50, the levels of 15,820-15,900 are seen as strong resistances. On the lower side, 15,700 is a crucial support. For the weekly expiry session, we would advise traders existing longs,” said Sameet Chavan of Angel Broking.
However, the losses were capped as Fed Chairman Jerome Powell in the post-policy conference overnight told financial markets: “Don’t bother with the projections.”
Among Sensex stocks, HDFC fell 0.95 per cent to Rs 2,497.56. Axis Bank declined 0.92 per cent to Rs 742.50. Kotak Mahindra Bank, HDFC Bank and Tech Mahindra fell up to 0.9 per cent. Bajaj Finance, Hindustan Unilever, ONGC and SBI declined over half a per cent.
On the other hand, Asian Paints rose 0.74 per cent to Rs 3,041.35. HCL Tech, Sun Pharma and NTPC rose up to 0.6 per cent.
RCom gained 3.85 per cent after the telecom operator wrote to the telecom department to renew its telecom licence for another 20 years, a move aimed to retain its rights over spectrum and to keep its enterprise business running.
Federal Bank rose 1.35 per cent after the private lender said its board has approved the issuance of equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore.
Shriram Transport fell 1.18 per cent after the NBFC said it will buy back bonds issued by it in January 2019 for a limit up to Rs 450 crore.
