On Wednesday, India’s benchmark indices took a hit in early trade, putting an end to their eight-day rally. The dip was due to weak global market trends and investors awaiting the US Federal Reserve’s interest rate decision. Index majors Reliance Industries, ICICI Bank, Infosys, and HDFC also contributed to the weak trend in equities.

The 30-share BSE Sensex saw a decline of 330.27 points to 61,024.44, while the broader NSE Nifty fell 97.05 points to 18,050.60. Tech Mahindra, Infosys, Reliance Industries, Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank, and HDFC were among the major laggards on the Sensex, while NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid, and Tata Motors were among the gainers.

In Asian markets, Seoul and Hong Kong traded lower, while Shanghai remained in the green. Meanwhile, the US markets had ended lower on Tuesday, and investors were exercising caution ahead of the US Fed meeting on interest rates later in the day. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said that global equity markets were also trending lower, as investors feared any further rate hikes could push key economies into recession and dampen future growth.

Despite Wednesday’s decline, the BSE benchmark had rallied for eight consecutive days, climbing 242.27 points or 0.40 per cent to settle at 61,354.71 on Tuesday. The Nifty also saw gains, going up 82.65 points or 0.46 per cent to finish at 18,147.65. Additionally, the global oil benchmark Brent crude saw a slight increase, climbing 0.03 per cent to USD 75.34 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Tuesday, purchasing equities worth Rs 1,997.35 crore, according to exchange data.