[email protected]: Last hour selloff drags markets; Nifty manages to hold 10,500
Some selling pressure gripped the market in the last hour of trade as investors may have turned cautious ahead of US Federal Reserve’s policy meet decision later in the day.
The day witnessed some volatile moves. The Nifty was seen eyeing 10,900 at one point during the day. Benchmark indices began the day on a mildly higher, with the Sensex rising around 50 points higher.
However, buying counters were ringing in case of PSU banks, pharmaceutical names as well as IT stocks through the day. These further pushed indices higher, with the Sensex gaining over 100 points.
The Sensex closed up 46.64 points or 0.13% at 35739.16, while the Nifty was up 13.80 points or 0.13% at 10856.70. The market breadth was negative as 1278 shares advanced, against a decline of 1371 shares, while 175 shares were unchanged.
Midcap index, meanwhile, witnessed some weakness in the later part of the day, which could have also dragged indices lower.
Find out all that move the market on Wednesday, where Moneycontrol Research’s Shishir Asthana talks to Uttaresh Venkateshwaran.