Indicator stock market indices ended trading session on a weak note Investors turned their attention to the US Federal Reserve’s interest rate decision.

At the closing, S&P BSE Sensex closed at 79,541.79 points with 836.34 points, and NSE Nifty50 closed at 24,199.35 points with a decrease of 284.70 points.

As volatility increased, most of the major indices experienced sharp declines. All Nifty sectoral indices also ended in the red with losses in banking, financial services, auto and IT stocks.

The top five winners in Nifty50 are Apollo Hospitals, SBI, HDFC Life, TCS and Coal India. On the other hand, the biggest losers were Hindalco, Trent, Grasim, Shriram Finance and Adani Enterprises.

Aditya Gaggar, Director, Progressive Shares, said: “Unlike the strong global equities, Indian markets started the weekly expiration trade on a subdued note with a sharp decline in the opening trade followed by range trading before ending the session at 10,000 level at 284.70 points. with a loss of 24,199.35.”

“Except PSU Banks, all other sectors ended the day in the red, with Metals and Pharmaceuticals being the biggest laggards,” Gaggar said.

“On the daily chart, the Index (Nifty) has formed a bearish engulfing pattern but it seems to be forming the right shoulder of the Inverted Head and Shoulders pattern and the neckline is located at 24,500 which is also the immediate resistance while at the lower level, the psychological level of 24,000 on the side will act as support.” ” he said.

Prashanth Tapse, Senior Vice President (Research), Mehta Equities Ltd, said: “Markets failed to capitalize on the strong start as selling pressure continued after yesterday’s break. “The decline can be attributed to continued foreign fund outflows after the rupee fell to new lows following the strengthening of the US dollar.”

“Investors have restricted their stock investments ahead of the US Federal Reserve’s policy announcement because they are not sure of a rate cut this time due to concerns about a possible rise in inflation,” he added.