Indian stock markets opened lower on Wednesday, in line with weaker global cues, as investors exercised caution ahead of the US Federal Reserve’s monetary policy decision later in the day. As of 9:22am IST, the Nifty 50 was down 0.48% at 18,061.42, while the S&P BSE Sensex lost 0.348%.
The US Federal Reserve’s decision on interest rates and its outlook on inflation and the economy are closely watched by investors worldwide. Weak cues from global markets, including Wall Street and Asian markets, have also contributed to the cautious mood in the Indian stock market.
In addition, rising COVID-19 cases in India and concerns about the impact of lockdowns on the economy are also weighing on investor sentiment. Several major companies are also set to announce their earnings this week, adding to the market’s volatility.
Overall, the market is likely to remain volatile in the near term as investors keep a close eye on global developments and their impact on the Indian economy.