Tech Mahindra was the top loser in the Sensex pack, shedding around 1 per cent, followed by PowerGrid, HDFC, HDFC Bank and Axis Bank.
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Also read: Sensex, Nifty decline ahead of US Fed policy outcome
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 870.29 crore on Wednesday, as per provisional exchange data. Domestic equities do not look to be good as of now due to weak global cues, said Binod Modi Head-Strategy at Reliance Securities. While soft bond yields and improving prospects of earnings visibility have resulted in FIIs' flow to turn favourable in the last couple of days, slight hawkish policy meeting outcome of Federal Open Market Committee (FOMC) may weigh on sentiments in the near term, he noted.
Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading on a positive note, while Seoul and Tokyo were in the red in mid-session deals. US equities finished lower after the US Federal Reserve indicated it might ease off economic stimulus earlier than previously thought. The Fed's policymakers forecast that 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.
In a statement after its latest policy meeting, the Fed also said it expects the pandemic to have a diminishing effect on the economy as vaccinations increase, thereby allowing for more growth. International oil benchmark Brent crude was trading 0.54 per cent lower at USD 73.99 per barrel.
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