Mumbai: The 30-share BSE index ended 178.65 points or 0.34 per cent lower at 52,323.33. The broader NSE Nifty declined 76.15 points or 0.48 per cent to 15,691.40.
IndusInd Bank was the top loser in the Sensex pack, shedding around 3 per cent, followed by Dr Reddy’s, NTPC, Maruti, Axis Bank, Bajaj Auto, Bharti Airtel and HDFC.
On the other hand, UltraTech Cement, TCS, Asian Paints and Infosys were among the gainers.
“Bulls stepped back a bit following the economic forecast by the US Federal Reserve as the street stayed cautious on the slow economic recovery in emerging markets unlike some of the developed markets,” said S Ranganathan, Head of Research at LKP Securities.
The Fed”s policymakers said they would raise their benchmark short-term rate, which influences many consumer and business loans, twice by late 2023. They had previously estimated that no rate hike would occur before 2024.